London-based Stemcor, the world's largest independent steel trader, has hired Simon Freakley as chief restructuring officer, within the scope of negotiations with banks on more than $1 billion of debt, according to Bloomberg.
Stemcor will meet with the banks this week to outline proposals to repay its debts. While Stemcor has hired Goldman Sachs to advise on refinancing and potential asset sales, the banks are working with PricewaterhouseCoopers LLP and Allen & Overy LLP.
Stemcor's 30-day standstill agreement effective until June 7 applies to a one-year $225 million loan raised by Stemcor's Asian unit Stemcor SEA Pte Ltd., as well as to a $850 million syndicated loan.
Simon Freakley is the CEO of Zolfo Cooper Europe, the London-based advisory firm specialized in business turnaround, strategic consulting and mediation in the development and implementation of business recovery strategies.