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Article: Quelle gets government credit to stay afloat
- Article from:
- AP Worldstream
- Article date:
- June 30, 2009
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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German authorities have agreed to give a euro50 million ($70 million) credit line to Quelle GmbH, the mail-order unit of insolvent department store owner Arcandor AG, to keep its business afloat.
The federal Economy Ministry and Bavaria's state finance minister, Georg Fahrenschon, said a government committee agreed Monday night that the credit could be granted.
European Union regulators on Tuesday approved the rescue loan, saying it had to be repaid within six months. Germany must submit a restructuring plan to show how the company could operate in the long-term without state help and how it will repay the loan in full.
The European Commission must check ...
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... ... grew 25 percent to 5.2 million unique visitors, while Arcandor AG increased 21 percent to 1.7 million, thanks in large part ... SNCF 4,729 5,792 22 Groupe Lagardere 6,439 7,885 22 Arcandor AG 1,399 1,696 21 FUTURA-SCIENCES.COM 2,113 2,546 ...
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