France Gains E.U. Okay For 3 Bln Euro Scheme To Help Virus – Hit Companies

Brusseles – – The European Commission on Tuesday approved a 3 – billion – euro ($3.6 billion) French scheme to provide debt and capital support to virus – hit companies.

Called the Transition Fund for enterprises affected by the COVID – 19 outbreak, the scheme includes subordinated and participating loans and recapitalisation measures, in particular hybrid capital instruments and preferred shared without voting rights.

Up to 100 companies are expected to benefit from the measure. The E.U. state aid rules adopted since the start of the pandemic to help governments prop up virus – hit companies.

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