Teck trades money for time

Post the first comment Back to the blog Teck Cominco CEO Don Lindsay has successfully traded money for time. Mr. Lindsay, a banker in his previous career, reworked Teck’s balance sheet Tuesday by extending the term on loans, but agreeing to pay far higher rates if the mining company doesn’t knock down its debt. Teck stock is up 30 per cent early Tuesday on the Toronto Stock Exchange, as investors climb aboard a company that seemed a candidate for creditor protection just a few short weeks ago. “This rescheduling of our bridge and term debt will give Teck the time to most effectively execute our asset sales program,” said Mr. Lindsay in a press release. He held out the possibility of new…

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