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Tata Steel’s lenders seek time on Corus loans

Tata Steel’s lenders seek time on Corus loans
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First Published: Wed, May 27 2009. 10 16 PM IST
Updated: Wed, May 27 2009. 10 16 PM IST
Mumbai: The country’s biggest steel producer, Tata Steel Ltd, said banks sought more time to finalize repayment terms on a loan taken to buy UK unit Corus.
Our banking syndicate requested extension of the timeline for the covenant reset package by a week due to their own internal processes, Tata Steel group chief financial officer Koushik Chatterjee said on Wednesday by phone. A covenant is an agreement in which the borrower agrees to certain stipulations over the life of an issue or loan.
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First Published: Wed, May 27 2009. 10 16 PM IST