Fortescue To Face $10 Billion Debt Problem

Reuters reported Fortescue Metals Group (ASX:FMG) faces a self-imposed deadline Tuesday to detail a restructuring of at least part of its $10 billion debt pile.

As quoted in the market news:

Trading in shares of the company, one-third owned by billionaire founder Andrew “Twiggy” Forrest, was halted last week after the stock slumped 14 percent on reports that Fortescue was seeking waivers on its debt covenants. The company said on Friday it remained in compliance on its debt, was in constructive talks with lenders and would update investors on a restructuring before the market open on Tuesday.

Click here to read the full Reuters report.