PSA and Renault repaying a third of the 6 billion euros loan

Article by Christian A., on September 13, 2010

Renault and PSA/Peugeot-Citroen are prepared to repay about a third of the 6 billion euros ($7.6 billion) in loans received from the French government loans to assist them in getting by during the financial crisis. In April last year, France gave loans of 3 billion euros each to PSA and Renault so that they will be able to survive.

These two companies are vital since they support hundreds of thousands of jobs in France. The loans were due to be paid back from next year.

These two companies have stated that they will repay 1 billion euros this Friday. PSA said that the reimbursement will come from current liquidity resources, enabling the group to cut gross debt and to get considerable interest expense savings. In a separate statement,

Renault said that the repayment will help it reduce gross debt and lower interest expenses. Last June, both companies said that they will repay a portion of the loans early as the carmakers have been able to recover due to the scrapping schemes.

Back then, Renault said that it hopes to repay at least 500 million euros this year. Meanwhile, PSA stated that it could repay 1 billion in the second half. [via autoenws - sub. required]

If you liked the article, share on:

Topics: renault, psa, france

Comments

Recommended

Lamborghini had been expected to refresh its entry-level model – the Lamborghini Huracan – in late 2018 or early 2019. But here is some good news for fans of the...
by - November 20, 2017
The Chevrolet Corvette will be turning 65 years old in 2018, and as part of the celebrations, the brand is introducing a special edition C7 – the Chevrolet Corvette Carbon...
by - November 19, 2017
Tesla revealed that with its new Semi, truck drivers can expect better experience especially with heightened safety and the lower cost of transporting cargo. Indeed, the cabin of the new...
by - November 19, 2017
November 17 is considered a very special day for Tesla, as this is the day that they revealed the highly anticipated Tesla Semi. But Elon Musk did not think the...
by - November 17, 2017
More details have emerged about the new sixth generation of the BMW M3 just as the German premium practically announced the end of the current-gen 3 Series with the unveiling...
by - November 17, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries