Cemex Renegotiation Down to Formality, Say Bankers

As of late Friday, Cemex was heard to have clinched 99.7% of the required verbal approvals for its $15bn restructuring, with one final Spanish lender representing a $40m ticket expected to agree to the deal over the weekend. As such, bankers are said to be more than confident that the deal will one way or another achieve the required 100% approval, and it has now become matter of formalities. There is a distant possibility that the lone lender could still delay the process, triggering a new round of calls, though that is seen as unlikely. Banks are being asked to submit signed agreements by Tuesday at the latest to allow Cemex to process documentation to try and meet its August 14 deadline, says a banker. An announcement to creditors on the success of the transaction from Cemex’s top group of banks that includes Citi, BBVA, Santander, BNP, HSBC and RBS, was expected as soon as Sunday. Cemex could follow with a notice to the market, though it may hold off until documentation is finalized.