Dresdner Delays Loan Deadline for Ailing Kirch

16 January 2002

Debt-laden German media giant Kirch Gruppe was handed a lifeline Tuesday, as Dresdner Bank said it would delay the repayment date of a E460 million loan.

This is the second time the settlement date has been postponed. In December a one-month delay was granted, expiring yesterday. The new deadline is an unspecified day in April, by which time Kirch hopes to be able to make the repayment by selling its 25% stake in Spanish broadcaster Telecinco.

News source: Financial Times