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9/14, 11:17 AM (Source: TeleTrader)
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EU approves French recovery fund worth €3B

The European Commission approved on Tuesday a French plan for a €3 billion fund "that will invest through debt, hybrid and equity instruments in companies affected by the coronavirus outbreak." The fund will be available to companies in all sectors apart from the financial, "which were viable prior to the coronavirus outbreak and have demonstrated the long-term sustainability of their business model."

The Commission said the program will take the form of subordinated and participating loans and recapitalization measures, in particular hybrid capital instruments and preferred shares without voting rights. Support will be granted no later than December 31, and only companies not considered to be in financial difficulty already on December 31 2019 are eligible.

Breaking the News / DJ