Brazilian flats steelmaker Usiminas announced on Thursday it made a partial payment of an existing debt as part of the company’s debt restructuring.
The steelmaker, which reached a deal with Japanese banks and other creditors, including bond holders, said it paid BRL 378.7 million ($115.24 million) as a partial amortization of the principal due by Usiminas to creditors.
“With such payment, Usiminas has overcome another important stage of its financial restructuring with the creditors, generating sustainable results for the company,” Usiminas said in a statement.
Usiminas has made several deals and has advanced thus far with its debt restructuring. Another recent, positive step was the agreement between shareholders Ternium and Nippon Steel to end existing legal disputes. The deal also set new rules that are expected to improve Usiminas’ corporate governance.
USD = BRL 3.29 (March 15)