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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