Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Report Hurts Zinc Producer Horsehead Handling Questions on Its Debt

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Report Hurts Zinc Producer Horsehead Handling Questions on Its Debt

Article excerpt

Shares of Horsehead Holding plunged Wednesday after a report the Robinson zinc producer and metals recycler missed a $1.8 million debt payment due Jan. 1.

A company official said the company intends to make the payment by Jan. 31, the end of the grace period during which the payment is considered on time.

Horsehead has been hurt by falling zinc and nickel prices as well as startup problems at its $525 million zinc smelter in Mooresboro, N.C. Moody's Investor Service last month downgraded the company's credit rating. The ratings agency cited a drain on the company's liquidity caused by the problems at the North Carolina smelter and the company's financial results.

The story about the payment appeared on Debtwire, which also reported the company has hired investment banker Lazard as a restructuring manager. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.