FCC to transfer rescue funds to Portland Valderrivas

Spanish builder Fomento de Construcciones & Contratas SA (FCC) is to help its cement unit Cementos Portland Valderrivas make a debt payment by transferring rescue funds, according to reports by Bloomberg citing sources familiar with the matter.

FCC has reportedly received approval to creditors to transfer some EUR20m to Cementos Portland, which owes lenders EUR50m on 30 September, the sources said.

Meeting the payment deadline this month will buy the Spanish cement producer more time to restructure about EUR1bn of loans with creditors.