Restructure a lifeline for the troubled Pasminco

摘要

Troubled lead-zinc producer Pasminco Ltd has been offered a lifeline in the form of a fresh start following an endorsement by creditors to restructure its balance sheet. The restructure involves a refloat of the company, planned for later in the year. While it means shareholders in the company will lose their stake, they will be the first in line for shares when it is refloated. In the restructure and float, a group of 39 banks, which are together owed 2.8 billion dollars, will exchange most of that debt for equity in a new version of the company.