Camillo Eitzen & Co ASA - Agreement with bank syndicate

16 Apr, 2010

Camillo Eitzen & Co ASA (CECO) announced today that it has entered into a revised agreement with its banks, amending the terms announced on 1 October 2009 to, i.a., remove as a condition the raising of new equity in CECO while maintaining a reduced amortization schedule as earlier agreed. The agreement is subject to, i.a., CECO meeting certain milestones in relation to its plans to monetize assets prior to 30.06.2010, and includes an amount of MUSD 20 of the proceeds from such monetization going to a one-off repayment to the banks.

Peter D. Knudsen said:

"CECO is continuing its efforts to improve its liquidity. We are optimistic that we will be able to meet the conditions set by the banks."

Camillo Eitzen & Co ASA will give an update on its financial status when it presents its first quarter results.

Camillo Eitzen & Co ASA