RE: USA12 Jun 2018 22:52
Swiss mining giant Glencore GLNCY -1.01% PLC unveiled a sweeping $5.6 billion restructuring of its troubled Congo copper company, Katanga Mining Ltd. KAT 25.96% , resolving a heated dispute with Congo’s state-run mining company about a massive debt load it has built up over the past decade.
Glencore said Katanga Mining will issue $5.6 billion in stock, which it will use to retire debt. The company had been saddled with $9.2 billion in high-interest debt, most of which is owed to Glencore.