Glencore rallies as it reassures over debt situation

30th Sep 2015 07:20

(ShareCast News) - Glencore rallied after it said it has taken proactive steps to position the company to withstand current commodity market conditions."Our business remains operationally and financially robust - we have positive cash flow, good liquidity and absolutely no solvency issues," it said.Glencore said it's getting on and delivering a suite of measures to reduce its debt levels by up to $10.2bn.The commodity trader added that it has no debt covenants and continues to retain strong lines of credit and secure access to funding ? thanks to long-term relationships with banks."We remain focused on running efficient, low cost and safe operations and are confident the medium and long-term fundamentals of the commodities we produce and market remain strong into the future."Shares in the company tumbled 29% on Monday to their lowest since the IPO in 2011, after analysts at Investec said Glencore had no equity value at current spot prices.At 0828 BST, shares were up 9.9% at 88.22p.