| Author (Person) | Tait, Nikki, Wiesmann, Gerrit |
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| Series Title | Financial Times |
| Series Details | 1.7.09 |
| Publication Date | 01/07/2009 |
| Content Type | News |
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The European Commission gave quick approval on the 30 June 2009 to a German state loan for Arcandor after the German government late on the 29 June 2009 agreed to join the states of Bavaria and Saxony in providing the insolvent retailer with €50m in six-month financing. The European Union approved the loan for the Quelle catalogue business of Arcandor unit Primondo as a temporary 'rescue aid' measure under its normal state aid rules. This means the retailer will have to come up with a more fundamental restructuring plan if the assistance lasts beyond six months. The loan ends days of uncertainty that could have forced Arcandor to close large parts of its mail-order subsidiary and give up hopes of restructuring. |
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| Subject Categories | Internal Markets |
| Countries / Regions | Germany |
