Falcone Selling Iron Ore Miner’s Shares to Raise Money for Loan Repayment

Bloomberg reported Harbinger Capital Partners LLC wants to sell its shares of Ferrous Resources Ltd. to raise cash for loan repayments.

As quoted in the market news:

Harbinger Capital Master Fund’s 19.5 percent holding in Ferrous will be “marketed to investors immediately,” according to loan documents seen by Bloomberg News. The proceeds will be used to repay a $190 million loan Harbinger got Jan. 30 from Jefferies Group Inc., according to the documents. It didn’t specify whether Harbinger, owner of 26 percent of Ferrous, would seek to sell its remaining stake.

Click here to read the full Bloomberg report.