The world's fourth largest iron ore supplier prices plunged into a debt crisis

Reuters reported that the world's fourth largest iron ore producer in Australia FortescueMetalsGroup (FMG) and iron ore prices continued to fall into a debt crisis, the company's total debt has been as high as $ 4.5 billion. The report said, FMG is attempted contact with several international financial institutions debt restructuring.

The FMG into a debt trap and may restructure came out of the news since last week, the stock has been suspended from trading resumed trading this morning after the market was up 17.7%. Said in a Reuters report, Credit Suisse (CreditSuisse) and JP Morgan Chase (JPMorgan) has agreed to take over the the FMG debt restructuring work to pay off the first debt deadline may be postponed until November 2015. This will greatly ease the pressure of the FMG short-term funds.

The FMG, CEO of NevPower said in a statement: "We solve the debt problem quick action to ensure that the debt structure able to withstand long-term decline of the price of iron ore." Affected by the fall in the price of iron ore, FMG last week announced the suspension of a number of development projects.

A reluctant to disclose the names of the analysts, said: "This news may make all shocked." He said: "the FMG action fast, surprisingly, this also shows that the impact on manufacturers of iron ore prices far ultra imagine. "he added:" The debt restructuring is a good thing for the FMG. "

Earlier this month, FMG announced this year would cut $ 1.6 billion of investment spending, suspend the planned capacity expansion, and simultaneously announced the layoffs of thousands of people. In order to make up for lack of cash, the company also sells a power station operations.

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