Some of my lending sources have got back in touch regarding the Stemcor story I wrote earlier this week.
Word is this "mystery US trade buyer" (see my previous post) has offered more for Stemcor's UK steel trading operations than what Apollo, the US vulture fund, is proposing as part of a debt-for-equity swap.
Don't, though, get too excited. Apparently, the value breaks in the company's debt, which is estimated to be more than $1.3 billion.
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