Stemcor extends restructuring deadline

By Nina Flitman
23 Sep 2013

Stemcor, the London-based steel trader, has signed a new standstill agreement with its lenders, extending its deadline to restructure some $1.25bn of syndicated loans to the end of the year.

The new agreement was reached on Friday, four days after its original 100 day standstill agreement signed in June expired on September 16.

The UK borrower is now in advanced discussions with its lenders over the restructuring, repayment and refinancing of its outstanding loans, including a $850m ...

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