French carmaker Renault has sealed a deal with banks on a 5 billion-euro state-guaranteed loan to help the company to cope with the coronavirus outbreak, two sources close to the matter told Reuters on Tuesday.
FILE PHOTO: The logo of Renault carmaker is pictured at a dealership in Les Sorinieres, near Nantes, France, February 19, 2020. REUTERS/Stephane Mahe/File PhotoPARIS: French carmaker Renault has sealed a deal with banks on a 5 billion-euro state-guaranteed loan to help the company to cope with the coronavirus outbreak, two sources close to the matter told Reuters on Tuesday.
The state-guaranteed loan, which Renault had been working on for about a month, should be submitted shortly to the board of directors, the sources said, before being approved formally by the economy ministry.The firm, which posted a loss in 2019 and had been struggling with faltering demand before the pandemic, has already flagged it would seek state aid through this format, in a bit to shore up its liquidity.
Other companies such as Air France KLM have also secured bailout deals through state-backed loans, which are funnelled through commercial banks.
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