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Report: Brazilian banks throw a 60-day lifeline to struggling steelmaker Usiminas

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Report: Brazilian banks throw a 60-day lifeline to struggling steelmaker Usiminas

Brazilian banks that are creditors of steelmaker Usiminas havegranted a 60-day extension to a standstill agreement, in an effort to help the companyget its financial debt restructuring in order, Reuters reported, citing a statementfrom Banco Nacional de DesenvolvimentoEconômico e Social.

The extension, which will expire July 22, was also agreed toby Itaú Unibanco Holding SA,Banco Bradesco SA andBanco do Brasil S.A.,the report said.

A source told Reuters that Usiminas had asked banks for an extensionof up to 45 days so it can organize a capital increase reportedly worth 1 billionBrazilian reais that is considered crucial to start its debt restructuring.

As of July 13, US$1 wasequivalent to 3.29 Brazilian reais.