Utility Saur says shareholders back bank buy-out
PARIS, June 25
PARIS, June 25 (Reuters) - French water and waste treatment company Saur has won the support of its shareholders for a buy-out by its creditor banks, a spokeswoman said on Tuesday.
The news paves the way for an amicable agreement by a June 30 deadline after which the company risks being put under a court-sanctioned reorganisation scheme. The company is burdened by 1.8 billion euros ($2.4 billion) of debt.
"Today we have the unanimous backing of shareholders for the refinancing plan proposed by the company and the banks," the spokeswoman said.
A spokesman for shareholder Cube said separately that the fund had also supported the buy-out offer by banks including BNP Paribas and Natixis. ($1 = 0.7637 euros) (Reporting by Matthieu Protard; Editing by James Regan)
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