From Domainfax:
Atlas Iron has won the support of more of its lenders in its bid to restructure a large portion of its heavy debt burden.
The junior iron ore miner revealed in late December that the majority of its Term Loan B (TLB) lenders had agreed to retire $US132 million ($183 million) of debt in exchange for options and shares in the miner.
At the time, about 75 per cent of its approximately 82 registered TLB lenders supported the plan.
“At the date of this report, TLB lenders holding greater than 80 per cent by value and greater than 90 per cent by number have signed up in support of the deal,” Atlas said in its December quarter report on Friday.
If the restructuring goes ahead, Atlas’ outstanding debt would fall to $US135 million from $US267 million and the maturity date would be pushed back to April 2021 from December 2017.
That is, the seizure of Atlas Iron by creditors and total destruction of its shareholders is moving forward. Not that it matters. Shuttering is inevitable.
