Sault Ste. Marie, Ontario-based Essar Steel Algoma's lenders have approved an amendment to the company's September 2012 credit agreement allowing for credit support from its parent companies to reinforce Essar Steel Algoma's liquidity position.
The amendment also allows the company to raise additional secured debt of $25 million to reinforce the company's liquidity situation. The amendment became effective May 6, 2013. Under the amendment Essar has entered into agreements with its parent companies providing access to funds as required, up to $50 million.
Source:
http://www.steelorbis.com/steel-news/latest-news/lenders-approve-up-to-50-million-in-funds-for-essar-steel-algoma-757769.htm
