Indebted CPV outlines debt refinancing plan, Spain

Cementos Portland Valderrivas (CPV), the leading cement producer in Spain with operations in North America and Tunisia, has released a statement outlining its plans to refinance a total of EUR969m debt, according to a report in Estrategia de Inversion (Spain).

In the short term, the company is struggling to keep on top of maturing debt and was forced to release a statement confirming that it had received "unanimous agreement of all creditors to extend the maturity of EUR50m maturing on 30 June to 30 September" and that it intends to comply with this undertaking to repay the EUR50m by this date.

The company also denied rumours that Blackstone's vulture fund, GSO, and Apollo had bought half the debt of CPV, worth in the region of EUR500m.