PSA Peugeot Citroen (PEUP.PA) unveiled a government-backed refinancing deal for its lending arm as the struggling French automaker’s financial position deteriorated further, sending its stock to historic lows.
Europe’s second-biggest automaker said it was close to an agreement with creditor banks on 11.5 billion euros ($14.9 billion) of refinancing and had won state guarantees on 7 billion euros in further borrowing by its Banque PSA Finance.
In return, the automaker agreed to appoint government and union board representatives, halt dividend payments and scrap stock-option awards to executives…
via Peugeot gets government rescue as crisis deepens | Reuters.
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