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Updated: 11/9/2009 4:03 PM					Sponsored by:
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Cemex asks for extension on debt maturities

By Associated Press
July 1, 2009 | Comments (0)

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Cemex SAB de CV has asked its lenders for loan extensions as the Mexican building materials giant seeks to strengthen its capital position amid weakened sales.

Late Tuesday, the company requested that the maturity schedule of its $14.5 billion in bank debt _ currently due between 2009 and 2011 _ be shifted to February 2014.

In addition to the divestment of non-strategic assets and cost-cutting initiatives, the company expects this refinancing to bolster its capital position.

In April, Cemex reported a 99 percent drop in first-quarter net income due to plunging sales. Revenue tumbled 32 percent to $3.66 billion from $5.40 billion in the first quarter of 2008.

Shares of the company rose 6 cents to $9.40 in premarket trading.

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