PARIS, June 25 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
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)