According to the FT Lucent’s banks have agreed to change the covenants on two $2bn loans, giving the company enough room to continue with the planned sale of its stake in Agere, its optical components subsidiary, but not before it has achieved a single quarter of positive earnings before interest, tax, depreciation and amortisation.
Lucent earns reprieve through $4bn credit renegotiations
Floundering telecoms equipment group Lucent Technologies has given itself a boost by successfully renegotiating the terms of credit facilities worth $4bn.