Banks give CECO more time

NORWAY’S CECO has today been given a reprieve to allow it more time to sort out its finances. The banks have granted Camillo Eitzen & Co a temporary waiver of covenants and postponements and a reduction of instalments “in order for the company to present a long-term financial plan”, according to today's company statement. The agreement will end on 1 October. CECO will give an update on its financial status when it presents its 2Q results. The company owns Eitzen Chemical and Eitzen Maritime Services and involves in Dry and Gas as well.