SMM7 March 29: recently, Sumitomo Corporation (Sumitomo Group) issued an announcement announcing the progress of the recapitalization process of Sherritt's Ambatovy nickel project ("Ambatovy") in Japan.
Sherritt submitted an arrangement Plan ("PoA") in February this year under the Canadian Commercial companies Act and is in the process of recapitalizing it. On July 23, local time, Sherritt announced that it had received 89% of the debtors' votes for PoA's approval.
PoA includes a transaction proposal for the exchange of financial loans owed by Surromo to Sumitomo Sumitomo Corporation and Sherritt's corresponding shares in Ambatovy. Following the approval of PoA by a Canadian court, Sumitomo Corporation will effectively increase its Ambatovy shares by 6.5% to 54.17%. As Ambatovy will remain a jointly controlled entity, it will remain an equity subsidiary of Sumitomo Corporation.
Sumitomo Co., Ltd. will discuss the matter further with Sherit.
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