Vivendi Universal in "Active Negotiations" with credit banks
Music Industry News - as it happens
Source: MusicDish/Mi2N - July 7, 2002
After months of denials that its business is less than thriving, despite the
fact that its stock has fallen precipitously in the past year and following
the Moody's and Standard & Poor's downgrades of its debt ratings, Vivendi
Universal now says it's in "active negotiations" with its main credit banks.
These will address the short term liquidity concerns disclosed following its
July 3 board meeting, the company says, adding that it
expects to, "conclude an agreement very shortly".
Vivendi - the world's second largest media company - hasn't said anything
about the abrupt resignation of chairman Jean-Marie Messier, the man who led
its (some say disastrous) drive into Hollywood.
In the meanwhile, Vivendi says the "short-term liquidity issue"
notwithstanding, "the value of the group's broad and diversified assets by
far exceed that of its debt. The new management is committed to a program of
aggressive deleveraging and greater transparency in order to restore health
and confidence in Vivendi Universal."
And as Messier heads into the sunset with a possible $20 million in hand,
according to France's 'Le Monde' newspaper, the man touted to replace him is
Jean-Rene Fourtou, vice-chairman of the supervisory board of Aventis
pharmaceutical company, says a July 2 AP report, which also says Fourtou is
married with three sons.
Related News from Mi2N:
» Vivendi Universal Confirms Active Negotiations With Main Credit Banks
» Update Of Vivendi Universal'S Short-Term Cash Position And Liquidity
» Jean-René Fourtou Appointed Chairman And CEO Of Vivendi Universal