MMC appoints restructuring advisors
Published by Jonathan Rowland,
Editor
World Coal,
Mongolian coal mining company, Mongolian Mining Corp. (MMC), is seeking to restructure debt worth US$600 million, according to a company statement to the Hong Kong Stock Exchange. The US$600 million comprises 8.875% senior notes due in 2017.
MMC has been hit by weak metallurgical coal markets – particularly in its principal target market in China, where changes to economic policy has resulted in reduced crude steel production.
The company has appointed J.P. Morgan Securities (Asia Pacific) and SC Lowy Financial (HK) as restructuring advisers. It is encouraging note holders to form a committee “for the purposes of facilitating discussion between the holders and the company.”
The restructuring advisers will assist the company in assessing various restructuring options and formulating a plan to implement an appropriate restructuring of the senior notes.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/05022016/mmc-appoints-restructuring-advisors-2016-179/
You might also like
Electrification in Mining virtual conference
Join us on 16 April 2024 for Global Mining Review's first Electrification in Mining event is an interactive virtual conference, focusing on electrification as the future of sustainable mining and exploring the innovative approaches and technologies being developed to facilitate its implementation.
Industry veteran joins Arch Resources as Senior VP and COO
Arch Resources, Inc. has announced that George J. Schuller Jr has joined the company as Senior VP and COO, effective immediately.