First European firm defaults in more than a year

Newswire

By Quentin Webb LONDON, May 19 (Reuters) - Moody's Investors Service and Standard & Poor's said on Friday they considered France's Global Automotive Logistics SAS (GAL) was in default on its debt, in the first European default for more than a year. The company, which owns Renault's former vehicle logistics arm, CAT Group, has placed itself voluntarily into a safeguard procedure, allowing time for talks among shareholders and lenders, an official at the company said, adding that it ...

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