Key points
- Namibian Minerals’ four senior lenders extended the existing capital repayment moratorium by one month to Oct. 31, 2001.
- The lenders intend to form a consortium to jointly agree rescheduling terms with the company.
- The extension requires ratification by Credit Guarantee Insurance Corporation of Africa Limited and its reinsurers, guarantors of Nedcor Bank Limited’s $21.25-million loan facility.
- Rescheduling discussions began in August 2001 when the company presented proposals to its lenders, following prior financings totalling $35-million.
As part of continuing discussions on debt rescheduling, Namibian Minerals’ four senior lenders have extended the company’s existing capital repayment moratorium by one month, to Oct. 31, 2001. In addition, the lenders have advised that they intend to enter into a consortium to jointly agree rescheduling terms with the company.
The moratorium extension is subject to ratification by Credit Guarantee Insurance Corporation of Africa Limited (CGIC) and its reinsurers, which are the guarantors of Nedcor Bank Limited’s $21.25-million (U.S.) loan facility to the company.
Rescheduling discussions began in August, 2001, when the company presented proposals to its lenders. The moratorium extension should enable the process to be concluded by Oct. 31, 2001.
“Following financings totalling $35-million (U.S.), settling of our creditors claims, recommencing mining and agreeing substantial insurance receipts, the rescheduling of our bank debt is the next step in our recovery path,” said Namco’s chairman and chief executive officer, Alastair Holberton.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
