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Lonmin Asks Lenders To Waive Test Of Banking Covenants - Newspaper

Date : 08/26/2012 @ 5:51AM
Source : Dow Jones News
Stock : Hsbc Holdings (HSBC)
Quote : 54.06  0.16 (0.30%) @ 7:26AM
HSBC Holdings Plc share price Chart

Lonmin Asks Lenders To Waive Test Of Banking Covenants - Newspaper

Lonmin (LSE:LMI)
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Platinum miner Lonmin PLC (LMI.LN) has asked its lenders--Lloyds Banking Group PLC (LYG), HSBC Holdings PLC (HBC) and Standard Chartered PLC (STAN.LN)--to waive a test of banking covenants that it will breach following a collapse of production at its Marikana mine due to violent clashes between strikers and police, The Sunday Telegraph reports.

The request is part of broader negotiations to restructure Lonmin's debt, which, if successful, could save shareholders from an expensive rescue-rights issue, the newspaper said.

It added that sources close to the situation described talks with lenders as "positive".

Lonmin wasn't immediately available for comment when contacted by Dow Jones Newswires.

full story: www.telegraph.co.uk/finance/newsbysector/industry/9499775/Lonmin-seeks-banks-deal.html

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9413

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