PERTH, Australia, Feb. 21, 2014 /CNW/ - Mirabela Nickel Limited (Mirabela or the Company) (ASX: MBN) refers to its previous announcements relating to the US$45 million loan obtained from a consortium of holders of the Company's US$395 million 8.75% Senior Unsecured Notes due 15 April 2018 (Interim Loan). The Interim Loan is being used to provide the Company with liquidity to operate its business as discussions progress with all of Mirabela's key stakeholders regarding a comprehensive restructuring.
The Company and the lenders continue to work together to perfect the Brazilian collateral documents which secure the Interim Loan, and have agreed to extend the deadline for the perfection of this security until midnight, New York time on 24 February 2014. In addition, the Company and the lenders have extended the deadline for executing a definitive agreement for restructuring and recapitalising the Company, to the same date and time.
While the terms of a comprehensive restructuring continue to be discussed, at the date of this announcement, no binding agreements for the restructuring of Mirabela's debt obligations have been concluded nor has any opportunity or arrangement sufficiently progressed to be announced to the market. No assurance can be given at this stage that any definitive agreements or arrangements will be reached with any party that the Company may be in discussions with.
SOURCE: Mirabela Nickel Ltd.