Vallourec: in talks to convert debt to capital - stock soars
(CercleFinance.com) - Following press articles reporting that the group is in talks with its creditors, Vallourec confirms that it is asking them to reduce its debt by slightly above 50% by means of a capital conversion.
The seamless tubes manufacturer says that it has approached them, as part of the ad hoc mandate procedure that it has opened, with a view to restructuring its debt of 3.5 billion euros at 30 September 2020, of which almost half, i.e. 1.7 billion euros, matures in February 2021.
The market is clearly delighted with this move - the share is soaring on Tuesday morning, up over 25% in initial trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The seamless tubes manufacturer says that it has approached them, as part of the ad hoc mandate procedure that it has opened, with a view to restructuring its debt of 3.5 billion euros at 30 September 2020, of which almost half, i.e. 1.7 billion euros, matures in February 2021.
The market is clearly delighted with this move - the share is soaring on Tuesday morning, up over 25% in initial trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.