Tata Steel fails to sway institutional lenders on loan waiver

Institutional investors who backed the £3.67bn acquisition loan for Tata Steel UK are pushing for higher pricing in return for covenant waivers on the remaining debt.

  • 21 May 2009

This sets the scene for protracted negotiations between the Indian steelmaker and its creditors.

Tata Steel, the Indian parent, has offered to inject £425m into its UK unit in return for a waiver of earnings-related covenants, which it may struggle to meet if conditions in the global steel ...

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