off-the-wire

Eramet says deal reached on debt of New Caledonia nickel unit

Kitco Media
By Reuters
Published:
Updated:
Reuters
Eramet says deal reached on debt of New Caledonia nickel unit teaser image

Eramet said on Monday it had reached an agreement with the French government to remove from its balance sheet several hundred million euros of debt related to its loss-making nickel subsidiary SLN in New Caledonia.

Existing loans to SLN worth 320 million euros from the government ($347.42 million) and intra-group debt of another 325 million euros will be converted into a ‘quasi-equity’ instrument, the group said.

This conversion has no impact on the group’s consolidated accounts, it added.

($1 = 0.9211 euros)

(By Gus Trompiz; Editing by Tassilo Hummel)

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