Steelmaker Gets Respite on $2.3 Billion Credit Talks, BNDES Says
- Brazil’s Usiminas given an additional 60 days, state bank says
- Embattled company’s debt payments had been halted until Friday
This article is for subscribers only.
Embattled Brazilian steelmaker Usiminas has been given an extra 60 days to renegotiate terms for about 7.4 billion reais ($2.3 billion) of debt with its creditors, state development bank BNDES said.
Usinas Siderurgicas de Minas Gerais SA, as the Belo Horizonte-based company is formally known, has been in talks with the banks about increasing a 120-day credit standstill that was due to expire on Friday. Its Brazilian creditors -- including Itau Unibanco Holding SA, Banco Bradesco SA, Banco do Brasil SA and BNDES -- hold more than half of the outstanding debt.