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Corus secures loan lifeline

Steelmaker Corus has secured a deal with its banks that will see the firms lending agreements relaxed.A banking syndicate led by seven banks including Citigroup, Standard Chartered and Royal Bank of Scotland has agreed to reset the banking covenants (relaxing terms and conditions of loans) on £3.7 billion of debt used by Indias Tata Steel in its £6.2 billion takeover of Corus in 2007.Some media reports ...