Troubled French media giant Vivendi Universal has been granted a E1 billion credit line by a group of major international banks. The sum is expected to give Vivendi an additional source of short-term liquidity as it seeks to reorganize its activities. News reports suggest that Vivendi’s creditors, BNP Paribas, Societe Generale and Deutsche Bank, agreed to fund the billion euro credit line.
Vivendi released a statement on Wednesday saying that the company was working with its major creditors to try to secure its long term financing needs. The company is also reportedly trying to agree the terms of a E2.8 billion secured loan.