ED&F Cleared To Float $1B Refinancing Plan To Creditors

By Christopher Crosby (August 11, 2020, 4:32 PM BST) -- A London judge on Tuesday said ED&F Man may ask its creditors to refinance more than $1 billion in debt the financial services giant is unable to pay after its plans to sell off its brokerage business were stymied by the pandemic.

High Court Judge Antony Zacaroli granted ED&F Man Treasury Management PLC's application to convene two emergency creditor meetings in order to pay down a number of loans and notes due in September.

The company won't be able to repay its debt in time, which would trigger default across the ED&F Man group of companies and lead to formal insolvency,...

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