The Cupboard is Bare

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From today’s Daily Telegraph

The challenges facing car makers were also laid bare by Peugeot which has accepted state aid for its lending arm.

Peugeot said it was close to an agreement on €11.5bn (£9.3bn) of refinancing and had secured state guarantees on a further €7bn for Banque PSA Finance,.

In return for the funds the French group said it would suspend dividend payments, scrap stock options for its top executives, and appoint government and union board representatives.

Anyone still think that they may go racing any time soon?

John Brooks, October 2012

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