Bohemia, NY (PRWEB) October 03, 2012
On October 3rd, Rapid Recovery Solution, a collection agency, reacts to an article published for Boston.com concerning the $4.5 billion credit Fortescue Metals Group, the third largest iron ore miner in Australia, will use to refinance its serious debt problem.
According to Boston.com, a 4.5 billion dollar credit secured by iron mining company Fortescue resulted in shares to skyrocket. The article states, “Fortescue shares jumped more than 16 percent to 3.49 Australian dollars ($3.65) after the company announced the line of credit to be provided by Credit Suisse and J.P. Morgan. The five-year credit facility extends the earliest repayment of any of Fortescue’s $9 billion of debt to November 2015, the company said.”
“The miner’s financial strength has been hit by a fall in the spot price of iron ore to below $100 as demand from big ore consumers such as China slows,” the article reports, “The company was founded in 2003 and quickly became one of Australia’s largest miners with an expansion fueled by debt as its founder Andrew Forrest bet that Asian demand would keep ore prices sky high.” John Monderine, CEO for the collection agency Rapid Recovery Solution, responds to Fortescue’s debt issues stating, “Why do these credit issuers keep bailing out these companies? What happens if the price of Iron continues to fall? Who eats this 9 Billion Dollars? We do!”
Boston.com reports that Nev Power, Chief Executive of Fortescue Metals Group, believes the price of iron ore will recover once the balance of supply and demand is “normalized.” In addition, the article states, “Fortescue requested a trading halt on Friday after its share price tumbled almost 14 percent on media reports that it was struggling to meet interest payments on its debt.”
Established in 2006, RRS Collection Agency can be found at the highest point of peaceful Long Island. Rapid Recovery Collection company is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We don't alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.