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French government, banks prepare to rescue Peugeot's finance arm: report

PARIS -- The French government and several banks are preparing a rescue for Banque PSA Finance, the credit arm of ailing French automaker PSA Peugeot Citroen, the Le Figaro newspaper reported on its web site.

The newspaper, which did not provide sources for its story late on Tuesday, said that for two weeks the finance ministry and the Treasury had been carrying out “intense negotiations” with banks in France in view of a rescue.

A rescue would be based on creditor banks providing unspecified extra time for payment of debts totaling about 4 billion euros (US$5.24 billion), and would also provide extra credit, with a figure of 1.5 billion euros mentioned in the report.

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