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you cannot say what is recoverable..You are incorrect in you preference creditors schedule. Note that the depositors covered by the guarantee fiund are already paid so they are no longer deemed creditors, however, the fund itself joins the queue with the corporate depositors, as equals.that is the normal procedure. 1. administrator and staff 2. some government taxes. 3 . the Deposit Guarantee Fund corporate recovery dept, plus the bank's Corporate Depositors ( FXPO ) are treated equally and on par with each other. this is normally the case unless you know otherwise. 4 more give tax depts, and day to day invoices. 5.bondholders 6 stockholders I

you cannot say what is recoverable..You are incorrect in you preference creditors schedule. Not the depositors covered by the guarantee find are already paid so they are no longer creditors, however, the fund itself joins the queue with the corporate depositors. that is the normal procedure 1. administrator and staff 2. some government taxes. 3 . the Deposit Guarantee Fund corporate recovery dept, and the bank's Corporate Depositors ( FXPO ) are treated equally and on par with each other. this is normally the case unless you can show otherwise. 4 more give tax depts 5.bondholders 6 stickholders I forget where day to day creditors fall.... BEFORE BONDHOLDERS i think.

thank you but be advised I am not a banker, and nor do I know how severe the damage is internally at F and C. There is no guarantee of an RNS but it would help given the management have clearly been at odds with media reports of restructuring loans here.

statistically in the USA, unsecured depositors recover 72% of their cash. Ok, this is Ukraine, but the Central Bank was all over this for quite a while and was even complimentary on several occasions. Ukraine's bank are following IMF and EU stress tests so it's pretty strict. The CEO of FXPO is the biggest loan holder here so it all depends how much of his money can be clawed back. 93% of deposits are covered under a state ran Deposit Guarantee fund. after that we should have a decent chance of getting a sizable portion of the money back. but its early days.

bottom ? your call. I bought at 38p so don't ask me.

the lack of an RNS is scaring the daylights out of the market. They don't understand. the odd thing is in Ukraine everything moves very Slowly. no offense to Ukrainians but I used to call it Queue-Kraine when I worked there. this is normal for them. it's one hell of a mess

the back account dropped by $174m The value in mart cap has dropped $260m. harsh sell off, unless someone knows of deeper trouble.

the SP is volatile, it could swing any direction

I bought in at 38p. congrats to those that called it and suggested to wait. in any regard, I was expecting to be here until christmas

looking at the buys Vs Sells there is not much in it. certainly does not look like a 20% day. clearly we have active buyers but active sellers.

Here is what I would do in an RNS 1- Reiterate the there is no immediate or short term debt refinancing required. 2- highlight that the firm is in profits and remains cash flow positive 3- issue a profit forecast for H2 4- release the management accounts for July August. 5- if possible get the CEO to give a clarity statement of intent. 6- declare if we have bank loans in FandC bank. 7 reveal where the remaining $106m 'oversews' is banked exactly. Switzerland or Swaziland? clarity is needed. 8- explain the administration process and give an update, 9- announce a share buy back programme if the SP does not recover before December 2015.

amen. I think in the end they simply could not get the cash out. as for this company, I think the market has just realized there is a real prospect of his shares here coming on the market. But I think a basket of II will acquire it

not many sharing my positivity

Here is what Deutsche bank said in the FT an hour ago, }}}}}}} Deutsche Bank adds that Ferrexpo's cash balance will be $69m at the end of the year , although it needs $200m liquidity in both 2016 and 2017. The bank suggests that Ferrexpo may need to issue equity or restructure its debt to increase its liquidity, citing a rather formidable series of risks, including: financing outcomes, sensitivity to iron ore prices, FX, changes to the fiscal regime, Ukraine instability and inflation. But despite all this, Deutsche Bank emphasises: The [company's] operations are high quality and continue to produce product and cash.

I'd be happy to see the back of him. what's interesting is his shares in this company were worth $400 on Thursday. he could have sold $180m worth and cleared his entire debt in the bank. since Friday his entire holding here has dropped 40% or $160m. ( and the debt is still there ). seems to me he has played this very badly.

I doubt he lodged his shares, but he did give a personal guarantee on his loans. she'll nail him on that ''I wan't the shares or you are in court, and I want an undertaking you will not sell them in the meantime'. He's snookered. I am guessing that is what she will say and do, so I'm not quoting directly. so 4Billion Hyr is with about $190m and the bulk of that is his personal borrowings. His shares here would cover that loan. by the way, any thoughts on the wording 'Temporary Administration". all administration is temporary but it seems like they may be giving a clue that it may emerge from it. also the fact that it's only 3 months , seems short….comments folks ?

MY REPLIES ARE IN CAPITAL LETTERS Ferrexpo bonds plummet as company denies restructuring claims BY MICHAEL TURNER LONDON, Sept 21 (IFR) - Ukraine's Ferrexpo has seen its bonds sink in the secondary market with analysts forecasting increased chances of a debt restructuring, though the firm says that claims it is seeking a restructuring advisor are "completely untrue". THE STORY APPEARED IN THE SUNDAY TIMES THAT THEY WERE SEEKING DEBT ADVISORS. The issuer's US$149m 10.375% 2019s are down 14 points from September 17 and were languishing at a cash price of 71.26 on Monday morning, according to Tradeweb. The company's share price is down 11.25% on Monday. ITS NOT GOOD TO SEE BONDS IN THE COMPANY DROPPING AS BOND HOLDERS ARE THE SMARTEST INVESTORS GOING. Over the weekend, the UK's Sunday Times reported that the company was considering hiring an external adviser to help with a debt restructuring, though on Monday a Ferrexpo spokesperson told IFR that this claim was false. SO WHO DO YOU BELIEVE. I BELIEVE THE COMPANY BECAUSE WE KNOW THAT IT HAS ALREADY RESTRUCTURED ITS 2016 DEBTS, PUSHING THEM BACK TO 2018 AND 2019, SEE RECENT RNS'S. "It is completely untrue, we are not seeking financial advisors for a debt restructuring," the spokesperson said, adding that the firm is not seeking to restructure debt. USING THE LANGUAGE OF COMPLETELY UNTRUE IS PRETTY CLEAR AND ROBUST. I THINK THIS IS CORRECT AS WHY WOULD THEY BE RESTRUCTURING 2018 DEBT AT THIS STAGE, Sberbank analysts said on Monday that they see the likelihood of Ferrexpo launching a debt restructuring as "rather high". The UK-listed metals company ran into trouble late last week when Ukraine's Bank Finance and Credit - a related party that held around US$174m of Ferrexpo's US$280m cash pile - was declared insolvent by the National Bank of Ukraine (NBU). Ferrexpo has "US$300m in short term debt," said Sberbank. "We think the chances of a debt restructuring following the announcement increase substantially, since the lending banks may be reluctant to roll over the short term trade finance loans." However, the Ferrexpo spokesperson said that there were no short term loans, I AGREE THERE APPEARS NOT TO BE. only pre-export finance facilities with three to five year maturities that had already been discussed with banks. THAT'S HOW I SAW IT PRIOR TO THIS ANNOUNCEMENT... (Reporting by Michael Turner; editing by Sudip Roy and Helene Durand) THAT'S IT FOLKS THE SUNDAY TIMES ARTICLE IS WORTH A READ TOO. THE GERMAN BANKS PREDICTED DEBT REFINANCE, BUT DEUTSCHE BANK EMPHASIZING THAT THE COMPANY WAS A QUALITY ASSET AND PROFITABLE AND CASH GENERATIVE.

What a fascinating story this is turning out to be. Take a look at Reuters news report. http://www.reuters.com/article/2015/09/21/bonds-ferrexpo-financ-idUSL5N11R18U20150921 I'll make my comments in my next post and welcome opinions here.

FXPO is in a unique position in Ukraine. when the collapse in the local national currency occurred it damaged local businesses severely. However FXPO had a safety net hedge advantage. Firstly, all the product iron ore pellets are sold in US dollars. But most of our production cost are in Ukrainian currency which devalued by 40%. Hence the cost per ton production costs collapsed too. Also, one of the biggest costs, Oil, it dropped in price a swell. So while Iro Ore dropped in price, the dollar strengthened and profits here we maintained due to increased production and the natural hedge created by the dollar export currency

I have asked myself the same question and came up with several possible answers. Firstly, even though talks have been taking place for many months I think the Central Banks swoop was very swift or 'prompt' to use their own language, He may have felt secure enough to stare down the CB, and got wring footed by them. Secondly, there is also a possibility that he simply stubbornly refused to sell his shares here to capitalize the bank'. Note the Central Bank made reference to Mr Z NOT selling down assets as agreed. Once that trust was breached the Central Bank swooped in. Interestingly they have not named him as the creditor that defaulted but it seems pretty clear that he must be the one.