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dcang84 Veteran	10-Oct-2008 07:46        dcang84 About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	If they go bust, we will probably see REAL panic selling in the Singapore bourse. Suspension looks to be the sensible action at least until they find a solution to this mess.
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Nostradamus Supreme	10-Oct-2008 00:59        Nostradamus About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ferrochina says another CNY4.5b in loans may also become due. The main bankers of Ferro China are Citibank China, BNP, Commerz Bank and China Construction Bank.  There is not much information available but could this bank loan problem be the result of the current global credit squeeze facing Global Banks. With banks reluctant to lend, many other companies could be facing similar problems. Hopefully its a bank problem and not a problem with the company's business.
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bola_no1 Senior	09-Oct-2008 22:21        bola_no1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Omg this is scary. Anyone suffers from this counter? 1 local bank still recommend to hold this counter few months ago.. what the...
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Andrew Master	09-Oct-2008 21:39        Andrew About Contact  Quote this Post!
x 0   x 0  Alert Admin	FC has also request trading suspension instead of trading halt......Big time
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idesa168 Elite	09-Oct-2008 20:49        idesa168 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I think time like this should hold CASH, GOLD and maybe high yield pennies. Why pennies, because they are small, they are shielded from all the high end financial instrument which many big boys ended up in deep sh*t. There is no denial that the blues will be the first to cheong when the mkt turn around. However in this period, there seems to have no turnaround. No sight of turnaround as yet. SGX dropped quite a bit from $13 to $8 some time back, but because the financial turmoil stepped up, SGX is now traded about $5+ now. Do you think at $5+ is a good buy now when all the bad news in banking, properties and recession worries looming? There is no guarantee that the pennies will go up now, but most probably down instead. Hence selectively choosing a counter that gives good divvy could shelter us better if the stock is not doing well going forward. FerroChina is one of the pennies I looked at, but did not get into trade. It's because I am mostly in CASH now, only leaving 2 counters of pennies with small amount invested and let it roll.
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hsbhsb Member	09-Oct-2008 20:39        hsbhsb About Contact  Quote this Post!
x 0   x 0  Alert Admin	JP Morgan warning got sounded a few weeks ago, according to article here.
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candle Member	09-Oct-2008 20:35        candle About Contact  Quote this Post!
x 0   x 0  Alert Admin	we are expecting more such news in months ahead.    so buy only blue chips in time like now.
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Livermore Master	09-Oct-2008 20:12        Livermore About Contact  Quote this Post!
x 0   x 0  Alert Admin	They over leveraged and expanded too fast
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idesa168 Elite	09-Oct-2008 19:07        idesa168 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I remembered sometime back this year, FerroChina was suppose to go into M&A with HG Metal and at the 11th hour, HG Metal pulled out of the deal. I was smelling something fishy about the deal then, but did not expect FerroChina will land itself in such a mess now. Anyway by record, its NAV is $1.60 and the last traded price was $0.545. I assume this numbers do not include the debts they owe. If they file chapter 11, and liquidate their assets, hope investors will still see $$. It's another China Aviation in the making....CHINA STOCK AGAIN. I can assure that investors will definitely lose confidence in S-Shares.
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aleoleo Master	09-Oct-2008 18:06        aleoleo About Contact  Quote this Post!
x 0   x 0  Alert Admin	UPDATE 1-FerroChina fails to pay loans, suspends some output SINGAPORE, Oct 9 (Reuters) - Small steelmaker FerroChina (FERR.SI: Quote, Profile, Research, Stock Buzz) said on Thursday it was unable to repay 706 million yuan ($104 million) in working capital loans and had suspended operations at its manufacturing plant in China. In a sign the global credit crisis is spreading to the corporate sector in Asia, the Singapore-listed firm also said it has 2.03 billon yuan worth of loan facilities and notes that may become due and payable. Uh......Oh.........  another sacrifier....................  sayonara Ferro...................
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hotstock Veteran	09-Oct-2008 17:25        hotstock About Contact  Quote this Post!
x 0   x 0  Alert Admin	It is as good as ready for chapter 11 in US terminology.. I just hope this would not bring down all S-Chips. Effects can be seen today with Cosco, YangZijiang immediately after the announcement release.... In other words, shareholders will not see any value for this counter as I expected any investors here would depress the price and become a vulture fund investor. Those with good fundamental ones need not fear.
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jackjames Elite	09-Oct-2008 17:21        jackjames About Contact  Quote this Post!
x 0   x 0  Alert Admin	oh no, of course the news is bad, in fact horrible.. the world credit crisis now made the loan and borrowing harder.... clear out yourself from this counter ...... run if you still have chance.
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rabbitfoot Veteran	09-Oct-2008 17:05        rabbitfoot About Contact  Quote this Post!
x 0   x 0  Alert Admin	Analysts' darling down to the pits now....
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Blastoff Elite	09-Oct-2008 16:38        Blastoff About Contact  Quote this Post!
x 0   x 0  Alert Admin	Clarification Of Trading Halt And Business Update  http://info.sgx.com/webcorannc.nsf/ef3ba6cb188613ea482571b2003641d3/a1a72898dc331be2482574dd002bf48b?OpenDocument Don't look good....
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fongkh Member	09-Oct-2008 16:38        fongkh About Contact  Quote this Post!
x 0   x 0  Alert Admin	FERROCHINA LIMITED CLARIFICATION OF TRADING HALT AND BUSINESS UPDATE The Board of Directors of the Company wishes to provide clarification on the circumstances relating to its trading halt on 7 October 2008. Due to the current economic crisis, the Group is unable to repay part of its working capital loans aggregating approximately RMB706 million which has become due and payable. As a result, further loan facilities and notes of approximately RMB2,030 million may potentially become due and payable. There are some other working capital loans of RMB2,493 million which may also become due and payable. The Company is currently in active negotiations with its financial lenders to explore various options (including refinancing) to address its repayment obligations. There is however no assurance that such negotiations or discussions will be successful, in which event, the Group will not have sufficient cash to satisfy its financial obligations. In view of the liquidity issues which the Group is currently facing, the Company has temporarily ceased its manufacturing operations in its factories located in Changshu City, Jiangsu, PRC and Changshu Riverside Industrial Park, Jiangsu, PRC. The Company is of the view that this temporary cessation is in the interest of the Group as a whole and expects to review and (if applicable) make further announcements, as and when developments necessitate. As a prudent measure, the Company has further requested and Changshu City government has offered to provide any assistance which the Company may require to help preserve or safeguard its assets in the PRC. As announced on 16 September 2008, the Company is currently in serious discussions and negotiations with a potential strategic investor on its investment in the Company. In addition, the Company is currently engaged in discussions and negotiations with other potential investors who have expressed an interest to invest in the Company. To date, no term sheet or definitive agreement has been signed. The Company would like to assure Shareholders that the management is actively seeking new equity and loan funding to resolve the Group's current situation, but given the weak capital market and poor economic conditions, there is no assurance that we can be successful in securing such funding. Given the above situation, the Company intends to suspend the trading of its shares until it is able to work out a scheme of arrangement for presentation to creditors and Shareholders for their consideration. For this purpose, the Company has appointed Rajah & Tann LLP as its legal advisers, and will also be appointing a suitable financial adviser, to advise the Company on its restructuring. The Company will continue to keep Shareholders updated on developments as and when appropriate. Submitted by She Chun Tai, Chairman and Chief Executive Officer, for and on behalf of the Board on 9 October 2008 to the SGX-ST
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Blastoff Elite	09-Oct-2008 07:53        Blastoff About Contact  Quote this Post!
x 0   x 0  Alert Admin	Look at SGX announcement for the lifting of halt.
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virgoan Member	09-Oct-2008 07:12        virgoan About Contact  Quote this Post!
x 0   x 0  Alert Admin	Tks Petewan for ur reply.
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petewan9 Member	09-Oct-2008 00:37        petewan9 About Contact  Quote this Post!
x 0   x 0  Alert Admin	The company had announced on the 16 sept that they had entered into discussions and negotiations on the term of investment, with a potential investor.  So I believe that the trading halted today is related to the announcement of the potential investor's decision on whether to invest in ferro.  virgoan      ( Date: 08-Oct-2008 20:25) Posted: anybody knows why it was halted n when it resume trading?
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virgoan Member	08-Oct-2008 20:25        virgoan About Contact  Quote this Post!
x 0   x 0  Alert Admin	anybody knows why it was halted n when it resume trading?
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derekchong Veteran	08-Oct-2008 19:47        derekchong About Contact  Quote this Post!
x 0   x 0  Alert Admin	lucky trading halt, if not at least go down to $ 0.48.
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