BRIEF-Algoma Central Corporation announces collection of refund guarantee

Thu Sep 1, 2016 8:55am EDT
 
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Sept 1 (Reuters) - Algoma Central Corp

* Algoma Central Corporation announces collection of refund guarantee

* Collected $29.1 million being final refund guarantee related to cancellation of 4 shipbuilding contracts with Nantong Mingde Heavy Industries

* Instalments refunded in current action will be used to fund a portion of costs for new contracts

* Entered into new contracts with shipyards in Croatia and in China for construction of five new full sized equinox class vessels

* Says deliveries of new contracts with shipyards in Croatia and in China are expected to occur in 2018 Source text for Eikon: Further company coverage: