The financially troubled part owner of Jamaican alumina plant Jamalco - the Noble Group - has been given more breathing room to restructure its debts as its creditors have granted it a waiver that extended financial covenants on a credit facility until May.
The Hong Kong-based company, which launched restructuring talks with its creditors in November, did not specify the size of the unsecured revolving credit facility that has been extended but said that the discussions continued.
News that creditors had granted Noble more time to restructure some debt follows a warning from its Chairman, Paul Brough, that there was more pain ahead in its restructuring process.
As of November, Noble had US$380 million of bonds maturing in March followed by a $1.1 billion bank loan that it must either repay or refinance in May.
Noble Group purchased 55 per cent of Jamalco from Alcoa in 2014 for a reported US$140 million .
The other 45 per cent of the company is retained by the Jamaican Government through Clarendon Alumina Partners.