Miners cut distressed debt pool by US$60b as recovery firms

Melbourne

MINING companies are getting back into financial shape and have cut the sector's pool of distressed bonds by at least US$60 billion, providing another boost to the industry's outlook as commodities enter a bull market.

Anglo American Plc and Glencore Plc are among companies whose notes no longer feature in the ranks of distressed US-dollar denominated debt after selling assets and cutting dividends to bolster their balance sheets, according to Bloomberg Intelligence. The amount of metals and mining bonds trading at distressed levels fell this month to US$26 billion from a peak of US$86 billion in February, the data show.