Monday June 8, 10:53 AM
Berlin refuses loan request from retailer Arcandor
FRANKFURT (AFP) - German officials on Monday rejected a request from the troubled retail group Arcandor (Xetra: 627500 - news) for state loan guarantees.
Arcandor, which owns the Kardstadt chain and a majority share of the Thomas Cook travel agency, had asked for 650 million euros (900 million dollars) in guarantees to help refinance loans that come due at the end of the week.
The group might have to file for insolvency, and Finance Minister Peer Steinbrueck told ARD television on Monday that "a bankruptcy is not totally excluded."
Arcandor has also requested 437 million euros in six-month credits from the state-owned development bank KfW.
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
