London-based Stemcor, the world's largest independent steel trader, has announced that it has signed a new standstill agreement with its lenders that extends through to the end of the year. During this period, Stemcor expects to conclude its restructuring discussions regarding $1.25 billion of syndicated loans. Stemcor continues to meet its obligations to lenders, paying interest as it falls due.
Stemcor confirms that its discussions with lenders are now at an advanced stage. The company expects to finalize its restructuring, repayment and refinancing plan by the end of the current year. The plan will be implemented during 2014-2015 and will provide a strong and sustainable financing platform from which to support Stemcor's trading activities and future growth.
As SteelOrbis previously reported, Stemcor had secured a 100-day standstill agreement in mid-June this year.