Territory debt deadline extended again

The deadline for cash-strapped iron ore miner Territory Resources to restructure its debt has been extended again.

In a brief statement, Territory said the deadline had been extended until 5pm today.

"The additional time has been granted to allow for the execution and settlement of the transfer, which is anticipated to take place today," the miner said.

Territory, which became mired in debt during the global credit crunch with poor hedging and the collapse of mining companies that it invested in, was given until Friday afternoon to settle the new deal.

Shares in the company will remain in suspension until the deal is sealed and it has released its 2009 full year financial accounts.

Under the proposed arrangement the Hong Kong-based Noble Resources will repay $17.6 million owed by Territory to financiers.

Territory will still owe Noble $54 million.