Fiat and banks close to Fidis sale-papers

Newswire

MILAN, Dec 19 (Reuters) - Fiat's creditor banks on Wednesday moved close to an agreement to buy a majority of Fiat's customer financing arm Fidis, a move that would help the crisis-hit group slash its debt pile, newspapers said on Thursday. The sale would slash about six billion euros off Fiat's gross debt, helping Fiat avoid a possible downgrade of its debt to "junk" status by rating agencies. The banks -- Capitalia , IntesaBCI , Sanpaolo IMI and UniCredito -- and Fiat reached a ...

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