Business Services Industry
Debt can be sorted out, says WestMet.
Australasian Business Intelligence, October, 2001
Oct 6, 2001 (The West Australian
ABIX via COMTEX) -- Western Metals (WestMet) wants US bondholders, owed $A149m, to defer a $US18.75m principal debt repayment. Managing director, Geoff Wedlock, says if the 1 November 2001 payment is deferred and a $A23.3m rights issue is successful, WestMet will be in a good financial position. Its major shareholder, The Renaissance Consortium, made up of Guido Staltari's Renaissance Capital, Macquarie Bank-linked Macquarie Direct Investments, Guinness Peat Group and Australian Ventures, is underwriting the rights, and may increase its 19 stake to almost 50 if other shareholders fail to take up the $A0.06 per share one-for-two rights issue. Wedlock says WestMet is also talking with the Commonwealth Bank of Australia about...
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