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MONTERREY, Mexico, June 30 (Reuters) - Mexico's Cemex
Cemex, which took on short-term loans to pay for its 2007 takeover of Australia's Rinker, faces $4.1 billion in debt maturities by the end of this year and has another $10.4 billion due by 2011.
"The key component of the proposed refinancing plan is a revised maturity schedule on a new facility encompassing $14.5 billion in bank debt that would run through February 2014. This revised schedule would shift 2009-2011 maturities substantially into the future," Cemex said in a statement.
Hit by a recession in its key U.S. market, Monterrey-based Cemex started refinancing talks with its banks earlier this year after failing to sell assets quickly and sell an international bond to help pay off debt.
Some of the banks with which Cemex is negotiating include:
New York-based Citigroup