Caixin
Mar 15, 2022 06:40 AM
FINANCE

Chinese Nickel Giant Secures Deal to Avoid Further Margin Calls

Tsingshan, controlled by Chinese billionaire tycoon Xiang Guangda, came under the spotlight after its wrong-way bets on nickel futures rocked the global commodity market
Tsingshan, controlled by Chinese billionaire tycoon Xiang Guangda, came under the spotlight after its wrong-way bets on nickel futures rocked the global commodity market

Chinese metal giant Tsingshan Holding Group Ltd., caught in a massive short squeeze amid an unprecedented rally in the price of nickel, reached a deal with banks to avoid further margin calls.

Tsingshan, one of the world’s biggest nickel and stainless steel producers, worked out a standstill arrangement with a consortium of hedge bank creditors that will allow the company to continue discussions with banks on a secured credit facility to cover its nickel margin calls and settlement requirements, the company said Monday in a statement.

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