German tycoon Merckle gets more time to repay loans


FRANKFURT, Dec 30 (Reuters) - German tycoon Adolf Merckle's investment vehicle VEM Vermoegensverwaltung said it has been given more time to pay back loans to a group of banks. "This creates the conditions for a sustainable solution for the financing problems," VEM said in a statement late on Monday. Merckle has been in talks with banks for weeks to agree on conditions for a bridge loan as well as a moratorium on payments to escape a liquidity crunch. The Merckle family controls generic ...

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