Poitou Charentes car maker to get government bail out?

Description:

Troubled Poitou Charentes car maker Heuliez could be in line for some 10 million euros of government cash, but only if the company can come up with a realistic rescue plan.

The company, which is based in Cerizay, Deux Sevres, employs over 1,000 people and assembles the Opel Tigra as well as building their new electric car the Friendly.  Industry Secretary Luc Chatel met with company bosses today, and revealed in a press conference that the company needs an injection of 45 million euros to ensure its survival.

Half of that money has already been found, by a combination of the FSI investment fund, as well as a 5 million euro loan from the Poitou Charentes regional council.  Shareholders are also expected to provide part of the survival kitty.

The company is vitally important for the town of Cerizay and this was demonstrated yesterday as employees, managers and shareholders stood side by side during a procession, to declare that they plan to work together to save the company, without needing to cut jobs.

Like this story? Why not use our RSS feed and receive updates as soon as they are posted? Or join us as a member and receive a monthly newsletter.