Katanga Mining Received Debt Help Proposal From Glencore
May 16 2019 - 8:54AM
Dow Jones News
By Oliver Griffin
Canadian mining company Katanga Mining Ltd. (KAT.T) has been
approached by Anglo-Swiss miner and commodities trader Glencore PLC
(GLEN.LN), which owns 86% of Katanga, over its indebtedness.
At Dec. 31, Katanga owed interest of $452.8 million to Glencore
under existing loan agreements. The Canadian company said Wednesday
that Glencore has submitted a proposal designed to address this
debt and that Katanga has formed a special committee of independent
directors, which has retained advisors, to facilitate talks.
Katanga said Glencore has agreed to provide the financial
support it needs to help it pay its debts when they are due in the
12-month period from the date of approval of Katanga's
first-quarter results.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
May 16, 2019 08:39 ET (12:39 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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