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LONDON (Alliance News) - Metals Exploration PLC has asked lenders for a standstill on repayments, it said Tuesday, in order to seek a restructuring of its senior debt facility.
The firm has asked HSBC Holdings PLC and BNP Paribas, its senior lenders, for a standstill for an unspecified period on its Runruno facility.
"The company considers the standstill is critical in order to provide it with the time needed to negotiate a restructuring of the senior facility that more realistically reflects the business and prospects of the company," said Metals Exploration.
It will also seek similar arrangements with major shareholders MTL Luxembourg SARL and Runruno Holdings Ltd, which hold its mezzanine debt.
Without a standstill by the end of March, the miner said, it will owe a total of USD44.1 million of both principal payments and interest on its senior facility. It does not have the funds to make these payments.
Shares were down 7.6% on Tuesday at 0.51 pence each.