LONDON, July 6 (Reuters) - Debt-laden steel trader Stemcor, one of the UK’s largest private companies, has agreed a deal with U.S. distressed investment fund Apollo and with its other lenders that “secures its future”, Stemcor said on Monday.
“Stemcor has agreed a deal with Apollo and with its lenders which secures the future of the core global business and provides us with strong balance sheet with which to grow and develop the group,” Stemcor said.
Apollo became Stemcor’s largest lender after buying the company’s debt in the secondary loan market.
Stemcor was hard hit by the 2008 financial crisis and accumulated debt when it bought an iron ore asset in India. (Reporting by Maytaal Angel, editing by Louise Heavens)