Mirabela Nickel, lenders extend restructuring agreement deadline

By Angela McDaniels

Tacoma, Wash., Feb. 20 - Mirabela Nickel Ltd. and the lenders of a $45 million interim loan agreed to extend the deadline for executing a definitive agreement for restructuring and recapitalizing Mirabela to midnight ET on Feb. 24 from Feb. 20, according to a company news release.

The deadline was previously extended from Feb. 12.

The loan was obtained from a consortium of holders of the company's $395 million 8¾% senior notes due 2018.

The company and the lenders also extended the deadline for the perfection of the Brazilian collateral documents that secure the loan to midnight ET on Feb. 24.

As previously reported, the interim loan is being used to give the company liquidity to operate its business as restructuring discussions progress with all of its key stakeholders.

Mirabela is a nickel producer located in Perth, Western Australia.

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