Lonmin Asks Lenders To Waive Test Of Banking Covenants - Newspaper
August 26 2012 - 5:51AM
Dow Jones News
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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