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Sherritt Defaults on Debt for Ambatovy
On March 7, Sumitomo Corporation made a report that Sherritt International Corporation as a participant in Ambatovy Nickel project in Madagascar did not contribute funding to copayment in spite of the request to the shareholders for contribution from this project and defaulted on its debt.

Sherritt agreed to the change of the holding ratio of equity shares in May 2017, and also agreed to contribute funding equivalent to a 12% interest from the payment portion at the end of 2015 with regard to the request to the shareholders for contribution mentioned above.

For reference, such action will be taken against Sherritt due to this default as the Company will lose a voting right, but the investment ratio won't be changed and the management of Ambatovy won't be affected, either.
last modified : Thu 14 Mar, 2019 [10:38]
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