Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

BRIEF-Sherritt and Partners sign definitive agreement to restructure Ambatovy joint venture

Published 2017-11-10, 07:10 a/m
© Reuters.  BRIEF-Sherritt and Partners sign definitive agreement to restructure Ambatovy joint venture
S
-

Nov 10 (Reuters) - Sherritt International Corp S.TO

* Sherritt and Partners sign definitive agreement to restructure Ambatovy joint venture

* Sherritt International Corp - Will eliminate $1.3 billion (at September 30, 2017) in Ambatovy JV additional partner loans from its balance sheet

* Sherritt International - Sherritt will eliminate $1.3 billion (at Sept 30, 2017) in Ambatovy joint venture additional partner loans from balance sheet

* Sherritt International - Co's outstanding partner loans of $101 million due 2023 (at September 30, 2017) will continue to be secured by co's 12% interest

* Sherritt International- Agreement to restructure its Ambatovy JV will result in transfer by Sherritt of 28% interest in JV

* Sherritt International Corp - Sherritt will regain voting rights and certain other rights that were suspended when it ceased funding as part of deal

* Sherritt International - Agreement to restructure its Ambatovy JV will also eliminate related debt from Sherritt's balance sheet

* Sherritt International - Co to cover deal, closing costs, including financial, legal advisory fees, applicable taxes & corporate restructuring costs

* Sherritt International - Expects to make additional payment of about $13 million to cover potential future funding requirements of Ambatovy joint venture

* Sherritt International Corp - As part of deal, Sherritt will resume funding for its 12% interest retroactively to end of 2015

* Sherritt International Corp - Agreement to restructure its Ambatovy joint venture with Sumitomo Corporation and Korea Resources Corporation

* Sherritt International Corp - Sherritt will remain as operator of Ambatovy JV until at least 2024

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.