To get rolling again, PSA has put out together a $24 billion refinancing plan, which includes $10 billion in state loan guarantees. The plan was initially presented as a pure debt refinancing, but now it is being viewed as a restructuring, which means it has to be examined by EU competition authorities in Brussels. If regulators decide the assistance violates EU competition law, PSA could be forced to make concessions on top of those it has already made, such as the elimination of dividends and bonuses, and the placement of a government appointee on its board of directors.
A look at what's in store for the world's automakers this year will tell a lot about what to expect for cars down the road.
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