Fortescue requests trading halt after shares plunge

Australia-based miner Fortescue Metals Group has announced that it has requested a trading halt for its shares starting from Friday, September 14, upon continued rumors and speculation regarding its bank-related facilities.
 
Fortescue stated that talks with lenders have progressed significantly overnight, reiterating that it is in full compliance with all of its banking covenants. Fortescue intends to make an announcement regarding the restructuring of its bank-related facilities on or before the recommencement of trading of its shares on Tuesday, September 18.
 
On September 13, Fortescue's shares declined by 14 percent following news that the company had asked its lenders for a 12-month waiver on its debt covenants.