Brazil's Usiminas, banks in talks to extend loan standstill -sources

Banco Bradesco

13/07/2016 21:34

SAO PAULO, July 13 (Reuters) - Usinas Siderúrgicas de Minas 
Gerais SA has reached out to banks to extend a 120-day 
standstill agreement on 4 billion reais ($1.22 billion) worth of 
loans that is due this month, as Brazil's largest listed flat 
steelmaker struggles to protect cash, two sources with knowledge 
of the plan said on Wednesday. 
    Usiminas  USIM5.SA , as the company is known, has contacted 
Itaú Unibanco Holding SA, Banco Bradesco SA and state-controlled 
lenders Banco do Brasil SA and BNDES to stretch out the deadline 
for the current agreement of at least 30 days, said the sources, 
who requested anonymity because the plan is underway.  
    Usiminas, Banco do Brasil and Bradesco declined to comment. 
Itaú and BNDES did not have an immediate comment. 
    Reuters first reported in February that banks and Usiminas 
were discussing terms of a loan refinancing. urn:newsml:reuters.com:*:nL2N15R0JB  
    ($1 = 3.2890 Brazilian reais) 
 
 (Reporting by Guillermo Parra-Bernal; Additional reporting by 
Alberto Alerigi Jr in São Paulo; Editing by Sandra Maler) 
 ((guillermo.parra@thomsonreuters.com; Tel: +55-11-5644-7714; 
Mob: +55-119-8346-7153; Reuters Messaging: 
guillermo.parra.thomsonreuters.com@reuters.net)) 
 
Keywords: USIMINAS RESTRUCTURING/