Debt reduction Chrysler Ferrari Fiat divide $ 894 million

Posted on 11/27/2014 11:29:33 AM

Chrysler Fiat Industrial expects its net debt of approximately $ 894 million (715 M €) by Ferrari abandoned plans to split, a regulatory filing showed on Wednesday.

FCA has been presented earlier this month he will receive billions of euros before the unit luxury sports car Ferrari 2.25 left the group next year alone in the market regulator United States, the Commission Securities and Exchange.

The company said Wednesday that the loss of such payment and cancel their accounts Ferrari € 133 million debt will parent group cash and receivables Ferrari worth € 1 billion to compensate 1.67.

FCA € 11.37 1 billion of net debt at the end of September. The company added that, due to their ultimate impact of debt that may occur from time to potential changes undressed and expects the debt Ferrari to the "very different" amount on record.

CEO Sergio Marchionne, who also served as president of Ferrari, said in October that he would release the unit through a public sale of 10% of the issued and distributed to shareholders FCA participation in sports car brand luxury to rest.

Spin-off is a capital increase plan larger also includes $ 2.5 billion mandatory convertible bond issuance and sale of shares, in order to help reduce debt and finance in the seventh largest manufacturer of automobiles world of an ambitious business plan.

Marchionne four measures will inject € 1000000000 made the group said.

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