Vivendi Universal shares hammered in European market

Posted Friday, August 16, 2002 4:50 AM | Contributed by 2Hostyl

Vivendi Universal revealed a 12.3 billion euro first-half loss on Wednesday, sending its shares reeling, as new management said it would sell U.S. publisher Houghton Mifflin to help contain a cash crisis. The stricken media giant's shares plunged 27 percent to a multi-year low of 11.60 euros, wiping 11 billion euros off its market value, after Standard & Poor's slashed its credit and debt ratings to "junk" status, citing weak cash flow forecasts. Moody's, which had cut Vivendi to junk last month, followed suit by lowering the group's senior debt rating three more notches to B1 and said further downgrades may be in store. The company's new CEO says he plans to raise 10 billion euros by selling off assets and portions of the company.

Read more from Reuters via Yahoo.

Friday, August 16, 2002 5:18 AM
This can't be good if they want to build a new themepark in Geramany. And will USPA ever get a new coaster in a near future? It would be really good for them to ad a new coaster now during the tough competition in Spain.
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Friday, August 16, 2002 9:14 PM
It's more and more likely everyday! IT'S COMING,

Disney's ÎOA and Universal Sutdios Flordia...

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See THE ULTIMATE in Orlando TR'S! Right now in the TR fourm!

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Saturday, August 17, 2002 9:59 AM
I agree Orlando will soon be once again all disney.

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Track Record: 142 and counting.....

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Saturday, August 17, 2002 8:57 PM
Well if Six Flags would just start improving their parks and staffing, run more than 1 train at a time on a coaster, and....

oh, wait....

this isn't Six Flags we're talking about. My bad. Had just shifted into the Six Flag Bashing mode that so many enthusiasts can't get out of that I didn't notice that someone ELSE has some of the same problems...

yeah, sure it's not entirely their theme park division, but it's definately related.

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