CECO safer

Norwegian owner Camillo Eitzen & Co (CECO) has won more time from its banks as it works to sort out its long-term finances.

The Axel Eitzen-led company, which controls Eitzen Tank, Eitzen Bulk, Eitzen Gas and D/S Orion, said on Thursday it has entered into an agreement with lenders to temporarily waive its covenants and postpone or reduce repayments of debt.

This will last until 1 October in order for CECO to “present a long term financial plan.”

CECO said it will give an update on its financial status in its second quarter results.

The separately listed Eitzen Chemical was still in talks with lenders last month.

On 22 June, Eitzen said that it was considering an IPO for Eitzen Bulk in Copenhagen, possibly through D/S Orion, which currently has no ships.

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