Cement maker PPC has reached a binding agreement with lenders to its unit in Democratic Republic of Congo (DRC) to restructure $175m (R2.6bn) in senior debt owed by the unit, which simultaneously eliminates their right to seek recourse from the broader group in the event of nonpayment.

The Johannesburg-based cement giant, which was founded in 1892 as De Eerste Cement Fabrieken Beperkt, said the agreement would be effective upon payment of a final deficiency settlement of $16.5m (R243m), which PPC expects to make “in early April”, according to a Sens statement on Wednesday. The agreement also involves restructuring the $175m in senior debt owed by PPC Barnet as part of implementing a sustainable capital structure for its debt-laden DRC unit...

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