AREVA launches two phases of refinancing plan

AREVA said recently that it has launched two stages of a refinancing plan that it unveiled in its 2015 half-year financial statement.

The company's board of directors approved a capital-increase envelope of approximately $5.5 billion to settle problems in its balance sheet. The company said the French government, as the largest shareholder, will back the move, per European regulations.

The company also said it has entered negotiations with EDF  to facilitate the sale of a majority interest in AREVA NP. EDF estimated that this entity has an estimated value of $2.7 billion. AREVA has granted CEO Philippe Knoche the authority to negotiate with EDF.

AREVA said net losses are anticipated for fiscal year 2015 due to several factors, including its role with the Cigéo project, its recent restructuring and a writedown of mining assets.

A finalized report will be released on Feb. 25 that will provide more details on its recapitalization and outlook, AREVA said.

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