Severfield plans £50m repair deal

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Severfield plans £50m repair deal

UK structured steel firm Severfield-Rowen is planning a balance sheet repair issue of up to £50m after a contract review identified cost overruns. Shareholders representing 56% of the share capital have indicated support for an equity fund-raising and the company’s lending banks have waived December 2012 covenant tests and are in talks to amend its facilities.

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