On March 5th, Bull confirmed having been informed by the French State that it had submitted a financial restructuring aid for Bull
Paris,
March
9, 2004 -
On March 5th, Bull confirmed having been informed by the French State that it had submitted a financial restructuring aid for Bull and also that it is in discussions with the European Commission to determine the conditions under which this aid would be carried out.
As mentioned in Bull's press release of March 5th, this notification is part of the recapitalisation plan approved by the Board of Directors on November 20th, 2003 and made public the same day.
As a reminder, Bull's recapitalisation plan is twofold: on one side, the decrease of 90% of the economic value of the financial debts (€500 million corresponding to the State rescue aid, including interest, and €204 million corresponding to bonds) and, on the other side, a capital increase of €44 million (of which €33 million are backed by investors).
Bull specifies that this aid, recently notified to the European Commission, is meant to enable the French State to ensure its contribution to the financial restructuring of Bull, and would be granted upon agreement from the European Commission, once the rescue aid granted by the French State in 2001-2002 has been reimbursed. This aid would not be aimed at contributing to the capital increase of the Company, and would not have to be reimbursed, but would benefit from a profit sharing agreement, similar to the one described in the recapitalisation plan announced on November 20th, 2003.
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