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BRIEF-Sherritt and Partners sign definitive agreement to restructure Ambatovy joint venture
November 10, 2017 / 12:14 PM / 10 days ago

BRIEF-Sherritt and Partners sign definitive agreement to restructure Ambatovy joint venture

Nov 10 (Reuters) - Sherritt International Corp

* Sherritt and Partners sign definitive agreement to restructure Ambatovy joint venture

* Sherritt International Corp - Will eliminate $1.3 billion (at September 30, 2017) in Ambatovy JV additional partner loans from its balance sheet​

* Sherritt International - ‍Sherritt will eliminate $1.3 billion (at Sept 30, 2017) in Ambatovy joint venture additional partner loans from balance sheet​

* Sherritt International - Co’s outstanding partner loans of $101 million due 2023 (at September 30, 2017) will continue to be secured by co’s 12% interest​

* Sherritt International- ‍Agreement to restructure its Ambatovy JV will result in transfer by Sherritt of 28% interest in JV

* Sherritt International Corp - ‍Sherritt will regain voting rights and certain other rights that were suspended when it ceased funding as part of deal​

* Sherritt International - ‍Agreement to restructure its Ambatovy JV will also eliminate related debt from Sherritt’s balance sheet

* Sherritt International - Co to cover deal, closing costs, including financial, legal advisory fees, applicable taxes & corporate restructuring costs​

* Sherritt International - Expects to make additional payment of about $13 million to cover potential future funding requirements of Ambatovy joint venture​

* Sherritt International Corp - ‍As part of deal, Sherritt will resume funding for its 12% interest retroactively to end of 2015​

* Sherritt International Corp - ‍Agreement to restructure its Ambatovy joint venture with Sumitomo Corporation and Korea Resources Corporation​

* Sherritt International Corp - ‍Sherritt will remain as operator of Ambatovy JV until at least 2024 ​ Source text for Eikon: Further company coverage:

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