Debt-ridden Alstom wins delays from creditors

27th April 2004, Comments 0 comments

PARIS, April 27 (AFP) - The French engineering group Alstom, which came close to collapse last year, said on Tuesday that it had won a breathing space from creditor banks.

PARIS, April 27 (AFP) - The French engineering group Alstom, which came close to collapse last year, said on Tuesday that it had won a breathing space from creditor banks.

Banks had suspended its debt payment obligations until September 30, Alstom said.

The price of shares in the group was showing a gain of 4.73 percent to EUR 1.77 in response to the news.

The newspaper La Tribune, which had reported the arrangement before the announcement, said that Alstom had explained to banks that its finances were more strained than expected because it had advanced more quickly than planned with a restructuring plan.

Alstom builds power stations, ships such as the recently completed Queen Mary 2 liner, and rolling stock for the TGV high-speed train.

© AFP

                                             Subject: French news

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