P525ORACLE 525 Mon27 Jan C4 1711:09
WESTLAND OUTLINES
NEW RESCUE TERMS
The US Sikorsky group and Fiat of Italy
have agreed a new rescue package for
helicopter firm Westland which requires
only a simple majority of shareholders.
In financial terms the deal is almost
the same although it will result in
existing shareholders retaining 79%,
against 64% last time. (See p527)
The terms were put together by Westland
advisors Lazards, whose managing
director described them as "ingenious",
and will be put to a meeting next month
Under the deal, Sikorsky will put up
£27.8m and existing shareholders £35.5m
HOLIDAYS ABROAD 581 & 582