Fortescue Metals Group Out Of Trading Halt

Fortescue Metals Group Ltd. explores for and produces iron ore. The company conducts business worldwide and is listed on the Australian Stock Exchange.

Fortescue came out of trading halt after it announced that it had  struck a deal to refinance all of its existing bank facilities in order to provide it with additional liquidity and stave off looming debts.

Specifically the group said “this new facility removes these covenants and extends the Company’s debt maturity profile. The earliest repayment date for any of the company’s debt is now November 2015.”

Fortescue said it had received strong interest from a range of parties over potential partnerships on several of its assets, but will only undertake them if they add shareholder value.