Dongbu Steel may be on recovery track

By Park Sae-jin Posted : July 1, 2014, 11:09 Updated : July 1, 2014, 11:09


 

Dongbu Steel and its 11 creditors reached a preliminary agreement Monday on a plan to put the cash-strapped company back on track.

The pact, if finalized, will enable the firm to avoid debt restructuring as lenders will be obliged to buy bonds scheduled to mature in early July.

The amount of the bonds totals 70 billion won (about US$69.2 million), according to financial sources.
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