Brazil's Usiminas expects loan standstill on Thursday -paper

March 17, 2016 11:27 AM

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BRASILIA, March 17 Usinas Siderúrgicas de Minas Gerais SA expects to close on Thursday a loan standstill agreement with banks, in a move that should help the largest Brazilian producer of flat steel cope with fallout from a deep recession and a swelling debt burden, Valor newspaper said.

Valor said the agreement was a pre-condition for a 1 billion real ($267.64 million) capital increase approved by shareholders on Friday. A grace period would help the company avoid filing for bankruptcy protection.

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