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Vivendi Universal in "Active Negotiations" with credit banks
By Jon Newton, p2pnet.net
(more articles from this author)
2002-07-09
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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


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