Business Services Industry
French Chemicals Company Rhodia to Sell Several Business Units.
Knight Ridder/Tribune Business News, January, 2004
Sunday Business, London Knight Ridder/Tribune Business News
Jan. 4--Rhodia, the troubled French chemicals giant, is to sell three business units as part of a E700 million ($875 million, UKpound 490 million) disposal programme agreed in a refinancing with its creditor banks.
The Business has also learned that Rhodia is urgently renegotiating covenants on $290 million of loan notes sold to US investors in a private placement, to avoid declaring default of its debt when it reports 2003 results on 12 February.
The asset sales are a crucial part of Rhodia's plans to raise fresh cash, which include a E300 million capital increase in the first half, needed to stave off a cash crunch.
Rhodia announced, on 22 December, a financial...
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