The French group Lagardère, hard hit by the effects of the Covid-19 epidemic, obtained a loan guaranteed by the French state of 465 million euros (560 million dollars), according to the official newspaper published this Sunday.
The group, led by Arnaud Lagardère and owner of the publishing house Hatchet, Of the stores Relay and the media Europe 1, Paris Match and Sunday newspaperIn the third quarter, it had registered a turnover of 38%, to 1,200 million euros (1,460 million dollars).
In particular, revenue from stores at railway stations and airports plunged 66% to 393 million euros ($ 478 million), after already falling 55% in the first half.
Loans guaranteed by the State allow to provide financial support to a company with cash flow difficulties.
In case of non-reimbursement, the State agrees to assume the majority of the refundable credit, in this case 80% of the total.
The group Lagardère SCA made this loan to a dozen banking establishments, including BNP Paribas, Commerzbank and Société Générale.
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