Fiatsigns 3 bln euro convertible loan

Newswire

MILAN, July 27 (Reuters) - Automaker Fiat said late Friday that it had reached final agreement on a 3.0 billion euro mandatory convertible loan with a group of mostly Italian banks, clearing the way for a cash infusion for the struggling group. The loan package will give the heavily indebted group some breathing room as it seeks to raise cash by selling assets and turn around its loss making car unit. But it also ups pressure on Fiat's management, which would have to surrender a big chunk ...

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