Brazilian flats steelmaker Usiminas said on Friday it has paid in advance part of a balance of notes issued by its subsidiary Usiminas Commercial Ltd.
Usiminas said it paid creditors, including Brazilian and Japanese banks, as well as bond holders, a total of 50 percent of the outstanding principal balance of the notes issued by Usiminas Commercial Ltd., on a pro rata basis.
The payment was reportedly part of an amortization of the company’s debt creditors, reaching nearly $90 million. With the payment, Usiminas said in a document filing that it has overcome another important stage of its financial restructuring with creditors in order to generate sustainable results for the company.