Eramet: SLN's debt conversion to strengthen Eramet Group's balance sheet [Yahoo! Finance]
ERAMET SA UNSP/ADR (ERMAY)
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Source: Yahoo! Finance
Following discussions over the last weeks, the French State and Eramet have reached an agreement regarding the treatment of SLN's existing debt. This agreement will neutralize SLN's debt impact on the Group's consolidated accounts. It includes the following provisions: The French State and Eramet have jointly decided to convert their existing loans to SLN into a quasi-equity instrument; The French State's existing €320m loans to SLN, currently consolidated as debt in the Group's accounts, will thus be converted into quasi-equity, comparable in accounting terms to equity in Eramet's consolidated accounts; Eramet will similarly convert the existing intra-group debt of €325m using the same framework. This conversion has no impact on the Group's consolidated accounts but ensures a pari passu treatment of the French State's and Eramet's debts. Additionally, Eramet reiterates its decision to not provide any new financing to SLN in order to preserve the Group's balance sheet. Howeve
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