Vedanta Resources Seeks Approval to Extend Bond Repayments

Bondholders have given Vedanta Resources Ltd the go-ahead to restructure part of its debt, easing the repayment pressure on the company. Under the plan, the miner will pay $779m by early February for notes that were due this year and in 2025, with the maturity on the remaining principal extended by up to four years. To proceed with the plan, Vedanta required consent from two-thirds of the bondholders in each of the three securities. Although S&P Global Ratings cut the company's rating to CC from CCC, it still expects strong earnings and cash flow at the group due to commodity price increases and dividend payments from its Indian subsidiaries.