Lecta bonds wilt as it struggles to secure French government support
A Barcelona-headquartered paper company wants to focus on higher-margin specialist papers but it is floundering to find the money needed for a turn-around after the European Union delivered a blow that sent its bonds sliding.
Lecta’s bonds have been wobbling for the past week after French newspapers reported that the European Commission is opposing subsidies that the company expected to receive. These would have helped with converting Lecta's old-fashioned mill in South-Western France into a specialist paper facility.
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