Mon, 06-Feb-2023
Wednesday 03 Jun 2020 , 8:26 am

Renault Finalises 5 Billion Euro State-backed Loan

Renault said in a statement that the loan would help finance the company’s liquidity requirements.
By SIN Bureau
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Renault finalised on Wednesday a 5 billion euro ($5.60 billion) loan from with the French government, strengthening the carmaker’s finances in the wake of the coronavirus pandemic which has ravaged the auto industry.

Renault said that the credit facility carried a guarantee from the French state - which owns a 15% stake in Renault - of up to 90% of the total amount borrowed.

Banks BNP Paribas, Credit Agricole, HSBC France, Natixis and SocGen were involved in the credit deal.

Renault also said in a statement that the loan would help finance the company’s liquidity requirements.

The carmaker announced last week plans to cut about 15,000 jobs worldwide, including 4,600 in France, where the company will seek voluntary departures and use retirement schemes.

The announcement sparked weekend protests at some factories, including at Maubeuge in northern France, although Renault’s chairman Jean-Dominique Senard has pledged the site will not be closed.

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Neha Mule

Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.

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