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[maywillow] 22/9/2003 18:11

Almost there!

[waldron] 22/9/2003 17:57

NANCY, France (AFX) - Prime Minister Jean-Pierre Raffarin said the approval
of a new rescue plan for troubled engineering group Alstom is in the final
phase.
Raffarin said the approval will come in a "matter of hours."
EU competition commissioner Mario Monti said earlier a revised rescue plan
for Alstom satisfies the European Commission's requirements under competition
rules.
[e-mail]
sm-fdv/lwl/jlw

[waldron] 22/9/2003 16:27

FRANKFURT (AFX) - The revised rescue plan for troubled French engineering
group Alstom approved today by EU competition commissioner Mario Monti does not
enjoy the support of some non-French banks such as Commerzbank AG and JP Morgan
Chase & Co, a banking source said.
"From the foreign banks... everyone is looking at this with a big question
mark," the source said.
Banks in Europe, and in particular German banks, are struggling to be
profitable in the current environment and are therefore reluctant to lend money
to a company that "has never come up with a viable plan," the source said.
German banks bailed out German construction company Holzmann several years
ago, only to see it finally collapse not long afterwards, and are therefore not
keen to have a similar experience, the source added.
Alstom has 32 creditor banks.
It is due to hold a news conference at 7.00 pm CET today.
scs/kl

[waldron] 22/9/2003 15:44

PARIS (AFX) - Alstom said it will hold a news conference at 7.00 pm today at
its headquarters in Paris concerning the terms of its revised rescue package,
following the company's board meeting.
[e-mail]
sr/kl

[waldron] 22/9/2003 14:59

BRUSSELS (AFX) - EU competition commissioner Mario Monti said a revised
rescue plan for troubled engineering firm Alstom satisfies the European
Commission's requirements under competition rules.
Under the modified package, the French government will no longer hold a
direct stake in Alstom, Monti said.
The overall value of the aid will probably be higher than the 2.8 bln eur
originally proposed, he said.
Monti's announcement follows days of intensive talks after the commission
last week gave the French authorities until today to come up with an alternative
plan.
The commission had been concerned that any state aid to the company should
not be irreversible.
vm/rf/kl

[waldron] 22/9/2003 13:38

BRUSSELS (AFX) - EU competition commissioner Mario Monti may give a press
conference on the Alstom dossier later this afternoon, a European Commission
spokesman said.
"There is a possibility of that, subject to confirmation," spokesman Reijo
Kemppinen said.
The commission is expected today to approve a revised version of the
proposed rescue package for Alstom, under which the French government will no
longer take a direct stake in the troubled engineering firm.
vm/kl

[ariane] 20/9/2003 15:56

O'hoy,O'boy,Oman

[ariane] 20/9/2003 14:46

Ahoy,Rescue on the horizen

[ariane] 19/9/2003 16:14

PARIS (AFX) - Prime Minister Jean-Pierre Raffarin said the liquidation of
Alstom would be "a major difficulty" for European industry, and reiterated the
government's determination to save the company from financial crisis.
"Alstom's filing for bankruptcy would be for the economy, and for European
industry, a major difficulty," Raffarin said during a visit to a Snecma
production facility outside Paris.
Earlier this week, the EU Commission rejected a refinancing proposal for the
ailing engineering group, which would have included the French government's
participation in a 600 mln eur capital increase.
The Commission set a deadline of Sept 22 for the government to propose an
acceptable alternative for the state aid, and Finance Minister Francis Mer will
not attend this weekend's G7 meeting in Dubai in order to find a solution to the
impasse.
"The state has clearly indicated that it is ready to intervene in a
significant manner to save Alstom, because Alstom is not only 100,000 jobs
across Europe, but it is also a very important industrial concern," Raffarin
said.
[e-mail]
js/cml

[ariane] 19/9/2003 12:00

BRUSSELS (AFX) - The European Commission expressed optimism it will find a
solution to its wrangle with the French government over proposed aid for
troubled engineering firm Alstom by Monday.
Commission spokesman Tilman Lueder said EU competition commissioner Mario
Monti has cancelled a planned trip to Italy in order to focus on the dossier.
"We are hopeful we can find a solution by Monday," Lueder said.
The commission has given the French government until the end of Monday to
come up with alternatives to its proposed bailout package.
vm/wf

[maywillow] 19/9/2003 06:24

High Noon a la Francais

[maywillow] 18/9/2003 20:35

i understand your feelings.

Here's wishing you the best of luck

[getitrightfirsttime] 18/9/2003 17:48

After working for nearly 18 years for Alstom which was formed from part of GEC I received my pension forecast today. Not only have I been told they are unable to pay my 25 percent lump sum but the projected pension has been cut back drastically. Now they are talking about bankruptsy and no doubt if that happens I will lose everything. So bloody unfair when you have worked hard and a company like this comes along and takes over the company I worked for called AEG Automation to rob you of your pension.

[maywillow] 18/9/2003 17:34

BERLIN (AFX) - French President Jacques Chirac said he is "relatively
optimistic" that the government and the EU Commission will find a solution for
saving Alstom from financial crisis.
"The talks going on now, notably between the French government and the
Commission, talks that at the same time are both positive and promising for the
days to come, leave me, in any case I hope so, relatively optimistic about the
outcome of these discussions," Chirac said after a joint meeting of French and
German officials.
Yesterday, the EU Commission blocked the French government's plan to
participate in a capital increase for the ailing engineering group, effectively
suspending the launch of a 2.8 bln eur rescue package.
[e-mail]
js/jlw

[maywillow] 18/9/2003 12:32

ZURICH (AFX) - ABB Ltd said it does not expect to incur any charges as a
result of the possible bankruptcy of Alstom, to which it sold its 50 pct in
their turbines joint venture in May 2000.
"The balance sheet will not ultimately show any material cost for ABB," a
company spokesman said.
In ABB's 2002 annual report, the group indicated that there is an estimated
risk of 2.2 bln usd related to guarantees given by ABB at the time of the sale
of the 50 pct stake in the turbines joint venture.
The spokesman said this sum is "very theoretical", however, as it is
"inconceivable that the EU would accept that all turbine factories in Europe be
closed".
He added that most of the guarantees have already expired.
mnb/jkm/cmr

[maywillow] 18/9/2003 06:30

RNS Number:8946P
Alstom
17 September 2003


ALSTOM's Board met today to hear a report from the Chairman & Chief Executive
Officer on efforts made to find solutions to ensure the Group's recovery.

The Board also heard opinions from independent advisors.

The Board noted the European Commission's refusal, in principle, to authorise
the French State to become a shareholder or to provide a long-term loan. This
calls into question the fundamentals of the refinancing plan agreed between
ALSTOM, its banks and the State announced on 6 August 2003, a plan which assures
ALSTOM's long-term future.

The Board expressed its hope that the European Commission will find an
appropriate way of applying European Community procedures, taking into account
the specific characteristics of ALSTOM's business and the urgency of the
situation.

The Board mandated the Chairman & CEO to continue to seek a solution which can
be implemented with immediate effect. Such a solution must address ALSTOM's
problems in a sustainable manner. These are essential requirements to restore
the confidence of ALSTOM's customers and industrial and financial partners in
the Group's long-term future, confidence which is vital to ALSTOM's survival.

The Board will reconvene at the latest on Monday 22 September to consider if
such a viable long term solution has been found and which can be immediately
implemented. A press release will be issued following this meeting.

ALSTOM has requested the suspension of trading in its shares until further
notice.

Press Relations: S. Gagneraud/G. Tourvieille
Tel. [phone]
[e-mail]

Investor Relations: E. Chatelain
Tel. [phone]
[e-mail]

M: Communications : L. Tingstrom
Tel. [phone]


This information is provided by RNS
The company news service from the London Stock Exchange
END
FURKGGMLMNDGFZZ

[maywillow] 17/9/2003 23:23

PARIS (AFX) - Government spokesman Jean-Francois Cope said France still
hopes to find a "favourable solution" for a proposed rescue package for Alstom.
Cope was speaking after the European Commission announced the opening of a
probe into the aid package, and ordered a suspension of the French government's
plan to participate in an emergency 600 mln eur share capital increase for
Alstom.
"Right now, the French government is pursuing its talks with the Commission
in order to find a solution that reconciles the respect of European rules in the
matter, while at the same time doing everything possible to save jobs in an
industrial group that employs tens of thousands of people in France, but also in
numerous European countries," Cope said.
[e-mail]
js/wf

[grupo guitarlumber] 17/9/2003 14:58

In deep Ship

[maywillow] 17/9/2003 14:01

RNS Number:8709P
Alstom
17 September 2003


A refinancing package agreed by ALSTOM, its banks and the French State was
announced on 6 August 2003. This plan included the French State entering into
the Company's share capital and providing a long-term loan.

The European Commission today announced the opening of an in-depth enquiry and
its decision in principle to prohibit the French State from participating in the
capital increase or from providing the long-term loan.

ALSTOM's Board of Directors will meet this evening to review the consequences of
this situation. A press release will be issued following the Board meeting.

ALSTOM has requested that trading in its shares be suspended.


This information is provided by RNS
The company news service from the London Stock Exchange

END