Rhodia announces refinancing, stock surges

0 Comments | AFP, March, 2004

PARIS (AFP) — French chemicals group Rhodia announced that it had agreed a refinancing plan totalling about 1.8 billion euros (2.19 billion dollars), pushing its shares up 20 percent.

The company said it would also sell assets to raise at least 700 million euros this year.

The company, which had warned that it was in serious financial difficulties, also published performance figures for the first two months of the year which were in line with its targets.

And its operating margins increased slightly, chief executive Jean-Pierre Clamadieu said in a statement.

The company said that under the refinancing plan it would increase capital by about 450 million euros, issue bonds to raise at least 600 million euros, and would have access to a line of bank...