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German Federal Government: No funds for Arcandor from Germany

( June 8, 2009, 16:46 GMT | Official Statement) -- MLex Summary: Germany has decided not to give Arcandor guarantees as the company's financial status is not a result of the financial crisis. Arcandor's rejected initial request was for 650 million Euros in state guarantees and an additional loan of 200 Million Euros. To receive any financial assistance from the Federal Government, the company will have to provide solid plans for the future. Arcandor has now requested 437 million Euros in Rescue Aid from the State, subject to the European Commission's approval.The full statement follows (in German):...

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