The company must refinance a $350 million bank credit line, about 90 percent of which it has tapped, at the end of December or risk default.

Moreover, many companies had refinanced their debt when interest rates were low, so they now have cash on hand, Ms. Ramirez said.

The company will refinance and reduce its debt with the money, as well as pay off some of its partnership interests.

In August, the highly indebted company, facing an eroding market position and violations on parts of loan agreements, refinanced about $575 million in bank debt.

As the stock's value increased, the company could refinance its debt at better rates.

By the end of 2009, the company had refinanced its debt, and had begun to turn around its operations.

Default rates are very low, and companies that in past cycles might have defaulted now can simply refinance their debts.

Should a downgrade occur at a time when a company is refinancing debt, its borrowing costs would suddenly rise, further impairing its financial health.

The plan, officially approved Tuesday night, will create a $1.6 billion fund to help small and medium-size companies refinance their debts.

Profits in 2010 slipped from £17.9m to £4.4m, and the company refinanced its outstanding loans twice in 2011.