10:03 AM EST - Sherritt International Corporation : Announced today a proposed transaction designed to improve the Corporation’s capital structure and strengthen its overall financial position. The Transaction would reduce Sherritt’s total outstanding principal debt obligations by approximately $414 million and reduce annual cash interest payments by approximately $19 million by, among other things: exchanging Sherritt’s existing note obligations in the aggregate principal amount of approximately $588 million, together with all accrued and unpaid interest, for new 8.50% second lien notes due 2027 in an aggregate principal amount of approximately $319 million and certain early consent cash consideration, and exchanging Sherritt’s obligations in respect of the partner loans relating to the Ambatovy Joint Venture (as defined below) in the aggregate principal amount of approximately $145 million, plus all accrued and unpaid interest, for, at the election of each lender, either its pro rata share of Sherritt’s interests in the Ambatovy Joint Venture or amended loans with no further recourse as against Sherritt. Sherritt International Corporation
shares T.S are trading up $0.005 at $0.16.