The Koreans seems to be panicking somewhat with the new US FEOC clarity. I realize it’s macro in nature and not directly related to FT, but you have to wonder if Robin’s phone is ringing a bit more these days. If FT is successful in getting their debenture extended and loan increased/extended (as in the past), to bide some more time, they could be sitting pretty. I’m sure the debenture / loan holders want FT to make it through this rough patch given all the lights on the horizon. Some interesting bits from the Koreans …
An Korean battery industry source said it was reasonably predictable that China would be included in the FEOC, but
it was outside the prediction range that the Chinese stake would be limited to 25 percent.
“We didn't expect the U.S. would limit it to 25 percent. The dominant prediction in the industry was that the proportion of Chinese capital would be less than 50 percent.
The new guidance is much stronger than what the industry expected, so we're considering how to respond,” the official said on condition of anonymity. …
the government will conduct an emergency check on the current supply chain according to key minerals and
actively support corporate efforts to diversify supply lines and secure minerals. …
"Our companies will have no choice but to comply with U.S. regulations.
Korean companies are highly dependent on China in the raw material sector, and if they make efforts to diversify this, I see it as a benefit to Korean companies in the long run,"
https://www.koreatimes.co.kr/www/tech/2023/12/129_364375.html