Troubled National Express pursues debt cutting plans

UK transport group National Express confirmed on Wednesday that it is considering raising equity among other options in a bid to reduce its debt. The company, which renegotiated its loan covenants at the end of June, also revealed in a trading update that it would not be able to financially support its British East Coast franchise, leading the UK government to nationalise the division.

  • 01 Jul 2009
National Express added that it was taking steps to strengthen its balance sheet and reduce its debt — much of which is made up of syndicated loans totalling £1.26bn. As well as equity funding — which could total the £400m that the group is widely speculated to be ...

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