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Article: EU clears euro176 million Belgian bailout for ABX Logistics
- Article from:
- AP Worldstream
- Article date:
- December 7, 2005
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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AP Worldstream
12-07-2005
Dateline: BRUSSELS, Belgium
Belgian state railway SNCB may spend euro176 million (US$207 million) to restructure ABX Logistics Worldwide as long as the troubled transport and delivery firm is sold to a private investor within a year, the European Commission said Wednesday.
"The Commission made the acceptance of the restructuring aid conditional on selling the ABX group to a private investor who, in addition to the market price, should also make a substantial financial contribution to the ABX group," it said.
ABX has to raise euro120.6 million (US$142 million) itself or from its new owner to fund the rest of the plan.
Large financial rescue packages for failing ...
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