COMPANIES Shares in Cemex, the Mexican cement group, jumped sharply Tuesday – pulling those of other cement companies higher in its wake – after the group said it had made important progress in refinancing its bank debts.
The future of the company was called into question by the seizing up this year of bank lending and the recognition that it faced maturing loans in 2009 and 2010. Close to $6bn of debt falls due next year, which the company would be unable to meet from cash flow unless lenders rolled over their loans.
