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Glencore unit takes 8.5% stake in Atlas Iron

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Glencore unit takes 8.5% stake in Atlas Iron

A subsidiary of Glencore Plc has purchased an 8.5% stake in strugglingAustralian iron ore producer Atlas Iron Ltd., according to a May 9 regulatory filing.

The unit, Maru Sky Ltd., now has 754,017,375 shares in Atlas— worth about A$16 million. The shares were acquired through the extinguishmentof part of the debt owed by Atlas, as part of a debt restructuring which gave Atlas' creditors 70%ownership in exchange for a cut of about US$132 million in debt.