GHANA’S Ashanti Goldfields won a conditional three-year period of grace from its creditors on Monday by promising 15% of the company’s capital as collateral. Last week the gold producer had called for a 21-day stay of execution on multimillion-dollar debts owed to creditors in connection with hedge contracts. Business Report says that the contracts, intended to protect the company against a fall in the price of gold, began working against it when the metal surged $50 per ounce in September and early October. The agreement allows Ashanti to avoid immediate payments due on derivative contracts, reported to represent a liability of more than $270-million. It has agreed instead to issue warrants that could turn 15% of company shares over to the banks.