important statement
tsingshan group has reached an agreement with a consortium of hedge bank creditors on a standstill arrangement. in the course of the standstill period, tsingshan and the consortium banks will progress discussions in relation to a standby secured liquidity facility intended principally for tsingshan’s nickel margin and settlement requirements. for the period of the standstill, the participating hedge banks agree not to close out positions against tsingshan or to make further margin calls in respect of existing positions. as an integral feature of the agreement, there is provision for the existing hedge positions to be reduced by the tsingshan group in a fair and orderly manner as abnormal market conditions subside.
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