Stemcor secures $1.15 billion loan

London-based Stemcor, the world's largest independent steel trader, has secured a $1.15 billion syndicated loan which is expected to revive its trading activity, according to Reuters.
 
Stemcor earlier received approval from a UK court allowing it to restructuring its debt and borrow extra funds up to December 2015.
 
In May last year, Stemcor asked for a 100-day standstill agreement from its lenders after failing to refinance its $850 million revolving credit facility, later extending the agreement until the end of the year. Stemcor is also in talks with Indian bidders for the sale of its Indian iron ore assets as part of efforts to repay its debts.