Talks between German highly-indebted Heidelberg Cement AG and some 40 creditors are going in the right direction, the cement producer said Wednesday.
Thus, the company rebuffed a report of daily Frankfurter Allgemeine Zeitung, saying it had only two weeks to agree with creditors on its bridge financing in order to avoid insolvency. At the end of the first quarter Heidelberg Cement had liquidity of around EUR 2bn, a spokeswoman for the company said.
Creditor banks are allowed to urge Heidelberg Cement to cover its loans only if the existing credit agreements are broken at the end of June, but this option is by far unlikely, the spokeswoman added.
The refinancing agreement with creditor banks is to be inked by June 18, according to bank sources.
Abstracted from an original article in Frankfurter Allgemeine Zeitung („Heidelcement-Finanzierung auf Kurs“).