Thread by @Sino_Market

JUST IN:
Tsingshan Group has reached an agreement with a consortium of hedge bank creditors on a standstill arrangement: official statement
#CN_Update #nickel #nickelsqueeze #Tsingshan
mp.weixin.qq.com/s/mvACfxfbOPF1…

https://twitter.com/Sino_Market/status/1503419547784679425

Tsingshan Group: 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.
#nickel #nickelsqueeze

Tsingshan Group: 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.
#CN_Update #nickel #nickelsqueeze #Tsingshan

Tsingshan Group: 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.
#CN_Update #nickel #nickelsqueeze #Tsingshan