Miners cut distressed debt pool by $60bn as rebound firms

June 12, 2016

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Mining companies are getting back into financial shape and have cut the sector’s pool of distressed bonds by at least $60-billion, providing another boost to the industry’s outlook as commodities enter a bull market.

Anglo American and Glencore are among companies whose notes no longer feature in the ranks of distressed US-dollar denominated debt after selling assets and cutting dividends to bolster their balance sheets, according to Bloomberg Intelligence. The amount of metals and mining bonds trading at distressed levels fell this month to $26-billion from a peak of $86-billion in February, the data show.

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