Massey-Ferguson will spin off 60% of a division.

The Toronto-based company said it has almost completed an agreement with lenders to spin off most of its combine manufacturing and foundries division. Massey also said most of its major lenders have agreed in principle either to extend the deadlines for repayment of Massey’s debt or to convert some of the money that they are owed into equity in the company. About half of Massey’s $600 million in long-term debt will be changed into a mixture of common and preferred shares under the proposals, said Jack Nowling, Massey’s communications chief.