New standstill agreement steadies Stemcor until year-end
Stemcor has signed a new standstill agreement with its lenders that extends to the end of 2013, the company announced on Friday September 20.
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The first standstill agreement to negotiate $1.25 billion of syndicated loans, arranged in June this year, expired on September 16.
The UK-based steel trader expects to finalise its restructuring, repayment and refinancing plan by the end of this year.
“Stemcor continues to meet its obligations to lenders, paying interest as it falls due,” the company said.
Stemcor is currently restructuring, concentrating on its core activities in trading and distribution, and moving away from mining, stockholding and service centre activities.