The Telegraph
 
 
IN TODAY'S PAPER
CITY NEWSLINES
 
 
ARCHIVES
Since 1st March, 1999
 
THE TELEGRAPH
 
 
Email This PagePrint This Page
Breather for Vivendi

Paris, Sept. 18 (AFP): Cash-strapped French media conglomerate Vivendi Universal said today it had received a bank credit worth $ 2.9 billion.

The announcement followed a report earlier in the day in the newspaper Liberation, which said Vivendiís creditor banks had closely scrutinised Vivendiís accounts and had sought assurances that a project to shed assets worth 10 billion euros, as announced by chairman Jean-Rene Fourtou, was underway.

Fourtou replaced Jean-Marie Messier in July and immediately vowed to pare down operations at the sprawling conglomerate and to secure bank credit to overcome a cash crunch.

Messier was replaced after Vivendi ran up overall debts of 35 billion euros stemming from an ambitious investment and acquisitions strategy.

Top
Email This PagePrint This Page