The AFR is reporting that:
Fortescue Metals Group has entered a trading halt after having progressed discussions with its lenders about relaxing some of its debt covenants “significantly overnight”. It expects to make an announcement about a restructuring of its bank facilities before the start of trading on Tuesday.
Wonder what ore price assumptions the banks are using…wonder how close FMG is to triggering the covenants? Not a lot of transparency here.
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WRT price assumptions will they persist with AUD @ 80cents??
ps: (aud80cents in their modelling)
Not a lot of transparency here.
certianly isnt…. i reckon longs and shorts equally as nervous as each other
tis why standing aside is also a position…
Is anyone else having trouble getting into their MB account to edit the profile? I open up another and had the same problem. I just want to put in a profile photo.
Mod: use gravatar.com to do so
Thanks
HnH,
I have a mate who works for a contractor to FMG, his work is not really that portable. What is likely to happen to FMG if prices remain low, will someone simply move in and pick up a large slab of the company and it continue on or what?
I’m not sure that’s a good enough reason for a trading halt.