TCL in Talks to Borrow Money for Thomson JV Aug 18, 2004

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Hong Kong's TCL International Holdings Ltd. said that it is in talks with three banks to borrow between 100 million euros and 150 million euros (approx. U.S. $123 million and $185 million) to cover the working capital of its television joint venture with France's Thomson SA.

The unit of Shenzhen-listed TCL Corp. is in discussions with Societe Generale, Bank of China Hong Kong Ltd., and Sumitomo Mitsui Banking Corp. for a 5-year loan, according to a company executive.

The loan is meant to cover a U.S. $180-million bridge loan the company obtained earlier this month, which was also meant to finance the startup of TTE Corp.

TCL owns 67 percent and Thomson holds 33 percent of TTE, which officially began operations this month. (Dow Jones)

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