Brazil's Usiminas signs loan standstill agreement with banks

Banco Bradesco

18/03/2016 10:15

SAO PAULO, March 18 (Reuters) - Brazil's Usinas Siderurgicas 
de Minas Gerais SA  USIM5.SA  has been granted a grace period by 
Brazilian and Japanese creditors, the company said on Friday, in 
a move that should help the largest Brazilian producer of flat 
steel cope with a deep recession and swelling debt burden. 
    The so-called loan standstill agreement is valid for 120 
days and suspends Usiminas' financial obligations to Brazil's 
Banco do Brasil SA  BBAS3.SA , Banco Bradesco SA  BBDC4.SA , 
Itau Unibanco SA  ITUB4.SA , Banco Santander Brasil SA 
 SANB4.SA  and Banco Nacional de Desenvolvimento Economico e 
Social BNDES  BNDES.UL . 
    The Japanese creditors affected are Bank of Tokyo-Mitsubishi 
Ltd  MTFGTU.UL , Japan Bank for International Cooperation JBIC 
 JBIC.UL , Mizuho Bank Ltd  MZFGAE.UL  and Sumitomo Mitsui 
Banking Corporation  SUMFGI.UL . 
 
 (Reporting by Priscila Jord~ao; Writing by Silvio Cascione; 
Editing by David Goodman) 
 ((silvio.cascione@thomsonreuters.com; +55 61 3426 7015; Reuters 
Messaging: silvio.cascione.thomsonreuters.com@reuters.net)) 
 
Keywords: USIMINAS BANKS/