Posted on 23/01/03
Sherritt proposes debt/equity swap for Cuban unit
CALGARY -- Sherritt International Corp. is proposing to swap its equity and debt for that of its struggling Cuban subsidiary to head off a cash crunch at the end of March.Sherritt Power Corp., in which Sherritt International holds a 49.7-per-cent stake, is scheduled to pay $45-million to noteholders on March 31, but does not have enough cash to fulfill that obligation, Sherritt International spokesman Ernie Lalonde said yesterday.
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