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Strategies & Market Trends : Commodities - The Coming Bull Market
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To: craig crawford who wrote (892)10/24/2001 2:55:41 PM
From: craig crawford  Read Replies (1) of 1643
 
Troubled WestMet wins restructure nod
thewest.com.au

By Michael Weir

LEAD, zinc and copper miner Western Metals said yesterday it had the full support of its bondholders, bankers and its biggest shareholders for a major financial restructuring. The company confirmed it had been given a two-month reprieve from bondholders and had scrapped a $23.3 million rights issue. The first principal repayment of $US18.75 million ($36.8 million) to US bondholders, owed $US75 million ($147 million), has been postponed until December 14. Negotiations will continue with the bondholders to put a new repayment schedule in place. WestMet's cash flow, and its ability to make the principal repayment, have been squeezed by the slump in zinc and copper prices and hedging losses.
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Mr Wedlock said the company's cash flow would improve as it worked through its out-of-the-money foreign exchange hedge book and if base metals prices improved, as forecast, next year. Lead, zinc and copper prices have fallen as much as 30 per cent below the long-term average this year. WestMet had hedging losses of $78 million last year and has projected losses of $57 million for the year to June 30, 2002.
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