Rely on most of the borrowed funds, nicknamed "Twiggy" (many twigs) Australian mining magnate Andrew Forrest $ 15 billion betting on a boom in China's steel industry. He ignored questioned the voice in the construction of the mine, railway and port, and Rio Tinto and BHP Billiton two mining giant under the eyes to create the world's fourth largest iron ore companies - FortescueMetalsGroup (FMG).
But now, by the impact of the cut in iron ore prices in the past year, coupled with the heavy burden of debt of $ 10 billion, Fortescue faces a fateful week.
The Fortescue plan announced Tuesday with bank debt restructuring plan, which may involve the sell off assets or holdings to ensure the companies to obtain much-needed financing, and to get rid of those hedge funds shorting the stock entangled.
This crisis is the the latest scene encountered Mining magnate Forrest and his supporters adventure.
Scale construction of the iron ore mines, and then another massive borrow money he thought that the iron ore price allows him to make a killing, "BronteCapital Fund John Hempton, chief investment officer said. "But the world does not do, such as he would like it."
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