Jump to content

MyCarForum Logo
Search
Magnifying glass

SEARCH

0

PSA Peugeot Citroen gets temporary approval for bailout by European Union

By SYF77 on 13 Feb 2013

Attached Image

Ailing PSA Peugeot Citroen Group has just been granted temporary approval by the European Union for 1.2 billion euros (S$1.9 billion) of French-backed bonds. As part of the deal to obtain final approval, PSA will have to submit a restructuring plan within the next six months to show how the group and its bank unit (Banque PSA Finance) intend to return to profitability without state help.

Attached Image

"Now one needs to know what the commission will ask in terms of restructuring for the group and this remains unclear," said Pierre Bergeron, a credit analyst at Societe Generale in Paris. The temporary approval will allow the bank to pay back this year's maturities of 500 and 750 million euros in July and September respectively.

In early 2012, PSA Group and General Motors announced the creation of a global strategic alliance to co-develop engines and a global purchasing joint venture for the sourcing of components and other goods and services. The alliance is expected to contribute to cost savings for both car manufacturers.

discussions, other news, europe and 10 more...

Viewed: 628 times

Related Blog Posts
SYF77
Written by SYF77
I have been a car fanatic since 1989, when my father was changing our family car then to a Toyota Corolla 1.6 GL fitted with a Twin Cam 16 valve engine that was carburetor-fed, a big deal back in those days. The automobile technology and industry fascinates me and I hope to broadcast these interesting developments to everyone out there through this blog.



 
Car Makes

Please select a car make

Facebook Likes
   Featured Blog Post
Photo
The latest MyCarForum Hangout with Perodua witnessed the launch of the brand new Perodua Bezza, t...
POPULAR BLOG POSTS
Photo
A U.K. insurance company has reported that car parking accidents have cost U.K. motorists £1.4 mi...
Photo
The Macau Grand Prix has always been a treacherous track. This year, an Audi R8 LMS driven by Lau...
Photo
How much pressure can a modern car coil spring really take? Best way to find out is no other than...
Photo
Ditching the front passenger seat for an infotainment system is a unique selling point for Volvo’...
Photo
Driving an old car with almost no modern features in it? Or just love adding new accessories for...
   Lifestyle Articles