Glencore Says Finances Solid, Stock Jumps – WSJ

LONDON— Glencore PLC’s share price rallied as much as 20% on Tuesday after the company dismissed concerns that it was on the brink of insolvency, saying it had taken “proactive steps” to weather a commodity-price slump that has sent its investors fleeing.“Our business remains operationally and financially robust—we have positive cash flow, good liquidity and absolutely no solvency issues,” Glencore spokesman Charles Watenphul said in an email.The statement was Glencore’s first since its share price suffered a devastating rout, falling 29% on Monday and wiping out billions of dollars in value.Overall, the company has lost about three-quarters of its stock value this year as investors have raised concerns about its ability to deliver on promises to reduce its $30 billion in net debt by a third.

Source: Glencore Says Finances Solid, Stock Jumps – WSJ

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