Brazil's Usiminas signs loan standstill agreement with banks

viernes 18 de marzo de 2016 06:47 GYT
 

SAO PAULO, March 18 (Reuters) - Brazil's Usinas Siderurgicas de Minas Gerais 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, Banco Bradesco SA, Itau Unibanco SA, Banco Santander Brasil SA and Banco Nacional de Desenvolvimento Economico e Social BNDES.

The Japanese creditors affected are Bank of Tokyo-Mitsubishi Ltd, Japan Bank for International Cooperation JBIC , Mizuho Bank Ltd and Sumitomo Mitsui Banking Corporation. (Reporting by Priscila Jord~ao; Writing by Silvio Cascione; Editing by David Goodman)