April 29, 2020 / 4:00 PM / a month ago

BRIEF-EU approves 5 bln euro French loan guarantee to Renault

April 29 (Reuters) -

* RENAULT - THE EUROPEAN COMMISSION SAYS IT HAS APPROVED A FRENCH AID MEASURE CONSISTING OF A €5 BILLION LOAN GUARANTEE TO THE RENAULT GROUP TO MITIGATE THE ECONOMIC IMPACT OF THE CORONAVIRUS OUTBREAK

* RENAULT - EUROPEAN COMMISSION SAYS THAT DESPITE SIGNIFICANT PROPOSED COST SAVING MEASURES AND 90% OF ITS STAFF BEING PLACED IN PART-TIME UNEMPLOYMENT, THE CURRENT CRISIS WILL STILL LEAD TO SIGNIFICANT DETERIORATION IN RENAULT’S WORKING CAPITAL AND CASH

* RENAULT - EUROPEAN COMMISSION SAYS THAT RENAULT REQUIRES THE STATE-BACKED GUARANTEE TO ENSURE ACCESS TO VITAL LIQUIDITY FROM FINANCIAL INSTITUTIONS TO FACE THIS DIFFICULT PERIOD, BEFORE AN EXPECTED RECOVERY IN SALES ONCE THE RESTRICTIONS ARE FULLY LIFTED Source text for Eikon: Further company coverage: [ ] (Paris newsroom, paris.equities@thomsonreuters.com email; +33 1 4949 5452)

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