UPDATE 1-Eramet reaches deal to convert debt of New Caledonia nickel unit [Yahoo! Finance]
ERAMET SA UNSP/ADR (ERMAY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
PARIS, March 4 (Reuters) - Eramet said on Monday it had reached an agreement with the French government to remove from its balance sheet hundreds of million euros of debt related to its loss-making nickel subsidiary SLN in New Caledonia. Existing loans to SLN worth 320 million euros from the government ($347.42 million) and intra-group debt of a further 325 million euros will be converted into a 'quasi-equity' instrument, the group said. This conversion has no impact on the group's consolidated accounts, it said. The conversion will free SLN indefinitely from payments related to the debt but will not alter the capital of either SLN or Eramet, a spokesperson added by phone. Eramet has a 56% stake in SLN, while the French state has a 27% stake in Eramet. France's finance ministry did not immediately respond to a request for comment. SLN's debt has been among issues addressed in negotiations to rescue New Caledonia's struggling nickel industry. Nickel processing in the Fre
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