Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Spain's Duro Felguera asks for public support to survive the coronavirus

Published 07/23/2020, 03:16 AM
Updated 07/23/2020, 03:20 AM

MADRID (Reuters) - Troubled engineering company Duro Felguera (MC:MDF) said on Thursday that it will ask for public support to cope with the impact from the coronavirus pandemic, becoming the first listed Spanish company to do so after the government launched a program intended to boost corporate solvency.

"Duro Felguera is a strategic company and especially relevant for the industry in (the northwestern region of) Asturias," the company said.

Earlier this month, the government approved new state-backed credit lines of up to 50 billion euros, including a 10 billion euro fund to potentially bail out companies in strategic sectors that are considered viable but are experiencing solvency problems due to the coronavirus.

The government also set a minimum threshold of 25 million euros to temporarily enter the capital of these companies affected by the COVID-19 pandemic through state-owned industrial holding company SEPI.

Companies which ask for support cannot pay dividends and bonuses for top management are restricted.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.