By Aled Herbert, 15 July 2002 08:05
NEWS Vivendi is to receive a E2.5bn cash injection from a consortium of banks to let it execute a programme of asset disposal. The French media giant, which last week lost its CEO Jean-Marie Messier, is struggling to meet loan repayments. According to a report in the Observer, a consortium which includes Citigroup and Credit Lyonnais will extend Vivendi the E2.5bn lifeline within the next two weeks. The cash injection was given the green light after Vivendi's CFO Guillaume Hannezo and communications chief Catherine Gros agreed to step down. Both were staunch Messier supporters. The group's shares have been downgraded to 'junk' status by many credit rating agencies. It currently has debts of around $16.7bn. The new cash injection follows the E1bn granted last week.
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