By Jonathan Davies
Commodities trading giant Glencore has announced plans to tackle its $30 billion (£19.8bn) debt.
In the first instance, Glencore will issue equity to raise around $2.5bn, and plans to reduce its overall debt to the "low $20bns by the end of 2016". It also plans to reduce its investment spend for 2016.
Ahead of the announcement, Glencore suspended its shares in Hong Kong.
Glencore has been one of the biggest sufferers of the crash in commodity prices over the past year. Copper and coal, which are two of Glencore's key products, have both fallen to six-year lows recently.
The fall in commodity prices has had a dramatic impact of Glencore's value, causing it to fall 50% this year. That, in turn, has resulted in pressure being heaped on it by investors to cut its debt.
In the announcement, Glencore stressed that the debt reduction would not affect its core business operations.
Last week, ratings agency Standards & Poor's said it may cut Glencore's credit rating if it did not reduce its debt.
"We would likely lower the rating on Glencore if we perceive reduced commitment to defending the rating or if commodity prices persist below our price deck or fall further, absent material offsetting factors," the ratings agency said.