Adidas receives US$3.3b state-guaranteed coronavirus loan

BERLIN: German sportswear manufacturer Adidas said on Tuesday it had received approval for a 3 billion euro loan largely funded by the German government to help it weather the impact of the coronavirus crisis.

"One of the conditions ... is that Adidas de facto suspends dividend payments for the duration of the facility," the company said, adding that it would"repay any used portion of the loan, including interest and fees, as quickly as possible." "The further development of the coronavirus outbreak and its impact on the company's business cannot be predicted at this point in time," Adidas said Tuesday.

The German government has promised"unlimited" credit to help companies weather the coronavirus storm.

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