Mirabela debt holders may overlook missed payment

The holders of the nickel miner's debt may take no action against the company after it missed an interest payment, while bankers consider a debt-for-equity swap asset sale.

Investors in Mirabela Nickel Ltd’s $US395 million of notes are likely to grant the miner a standstill, taking no action against the company after it missed an October 15 coupon payment.

The noteholders, advised by Cleary Gottlieb Steen & Hamilton LLP and Gilbert Tobin, are currently in discussions with Mirabela and hope that Rothschild, an investment bank with mining expertise, can propose a solution by Christmas.

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