Glencore subsidiary Maru Sky holds 754 million shares in Atlas, equating to nearly 8.5% of the company.
At Atlas’ current market capitalisation of $191.3 million, Glencore’s stake is worth just over $16 million.
Maru Sky secured its stake through the extinguishment of a proportion of debt owed to it by Atlas.
It was part of a broader debt-to-equity swap which roughly halved Atlas’ debt to $US135 million and extended its maturity to 2021.
The restructure, without which Atlas would have likely collapsed, gave its lenders 70% of the company.
Shares in Atlas were unchanged at A2.1c.
