Hagemeyer NV Extends Credit Agreement with Lenders Until February 2004

With a shaky third-quarter earnings report sparking concerns over its health, Hagemeyer NV announced that 24 of its lending banks had extended a standstill agreement until Feb. 9, 2004.

The agreement allows for the continuation of existing credit lines and gives Hagemeyer, the Dutch industrial conglomerate, time to structure a new refinancing plan. The company said it’s currently discussing options to restructure its debt, which on Sept. 30 was approximately $1.1 billion, an increase

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