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BRIEF-ENRC says has renegotiated key debt covenant
March 20, 2013 / 10:52 AM / 5 years ago

BRIEF-ENRC says has renegotiated key debt covenant

LONDON, March 20 (Reuters) - ENRC : * Says expects increase in benchmark ferrochrome price in Q2 * CFO says company can fully fund 2013 growth programme, but will be “flexible”

on capex if market deteriorates * CFO says has renegotiated debt covenant with lender sberbank to 3.5 times net

debt to EBITDA, aligned with other covenants * Chairman says ENRC is in talks with relevant parties to increase freefloat,

does not see balance sheet issue * Chairman says work on potential asset sales continues, declines to comment

further * CFO says company could see further impairments if copper, aluminium prices

deteriorate * Chairman says “perfectly comfortable” with results of first whistleblower

investigation into potential wrongdoing

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