German Infineon seeks 500 mln euros in loan guarantees: report
Troubled German semiconductor maker Infineon has asked the government for around 500 million euros (690 million dollars) in loan guarantees, a press report said on Thursday.
Infineon is now in talks with creditors on prolonging and extending loans, but the company's losses and a forecast 20-percent drop in annual sales put it in a weak position, the Financial Times Deutschland reported.
In September, 50 million euros in loans will come due, and a total of 600 million euros in payments are supposed to be made by mid 2010, the newspaper said.
Another troubled German group, the retailer Arcandor, was to meet Thursday with government officials to seek 650 million euros in state loan guarantees.
(c) 2009 AFP