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Article: Alstom clinches refinancing deal.(World Report)
- Article from:
- International Railway Journal
- Article date:
- September 1, 2003
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THE Alstom Group, which encompasses rail transport, shipbuilding, and power generation, has secured a 2.8 [euro] billion refinancing package which will give the French government a 31.5% stake in the company. It has also obtained facilities worth 3.5 [euro] billion from a syndicate of banks partly guaranteed by the French government to support its commercial activities, plus a further 600 [euro] million in short-term facilities.
The deal will help Alstom solve its financial crisis which amounts to about 17 [euro] billion in debt and guarantees on future contracts. A major contributor to the crisis was a loss of about 4 [euro] billion incurred through litigation ...