Keep an eye on Fortescue in Sydney tonight. Days after their promotional management insisted all...

|About: Fortescue Metals Group Ltd (FSUMF)|By:, SA News Editor

Keep an eye on Fortescue in Sydney tonight. Days after their promotional management insisted all was well with the mining business, the company slashed capital spending plans and then sold a power station to raise cash, resulting in a 2-day 12.4% slide in shares. Now the company - heavily leveraged to Chinese steel demand - is apparently on the horn to convince lenders to take a piece of a $1.5B loan.