London-based Stemcor, the world's largest independent steel trader, will meet banks next week to outline proposals to repay its lenders, Reuters has reported. The steel trader requested a standstill agreement after failing to refinance its $850 million syndicated loan that was due to mature on May 7.
As expressed by Reuters, "The effective 30-day standstill expires on June 7, but the proposals could be agreed before the need for a formal standstill because Stemcor has a high level of support from lenders".