PARIS (AP) – Renault says it wants billions of state-guaranteed loans, canceling its dividend for 2019 and its president…
PARIS (AP) – Renault says it is seeking billions of state-guaranteed loans, canceling its dividend for 2019 and its president plans to cut wages as the French automaker attempts to weather the coronavirus crisis.
Jean-Dominique Senard’s salary will be reduced by 25% for the second quarter of 2020. But questioned on RTL radio on Friday, the chairman of the board refused to say how much in monetary terms this reduction would cost him.
The company will cancel 300 million euros ($ 325 million) in dividends that were due to shareholders last year.
Senard said Renault was not seeking to be nationalized, but was seeking government-backed bank loans to cushion the shock of the coronavirus crisis, which brought down demand for vehicles and halted production.
He said the loan amounts had not been fixed but could reach 4 to 5 billion euros (up to 5.4 billion dollars).
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