It has been trying to restructure its finances over the last four months and has "explored all possibilities for a debt restructuring solution which would give the creditors of the company a minimum of 25% dividend over time", it said.

Cecon had been working on a "complex" solution that had been promising but, due to "recent and unforeseen events", its cash held in an escrow account was given to creditor Gaz de France (GdF), the French utility, against its will.

"This