GKN tackles debt mountain with planned pounds 423m rights issue

Birmingham Post (June 19, 2009)

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Summary

Car parts and aircraft engineering firm GKN yesterday announced plans to raise pounds 423 million in a rights issue as it looks to reduce its debt mountain.

The Redditch-based group, warning of "considerable uncertainty" across its markets, wants to strengthen its position to enable it to exploit opportunities for growth as competitors struggle.

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GKN tackles debt mountain with planned pounds 423m rights issue

It is issuing 846.6 million new shares on a six for five basis at 50p each, a...

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