Troubled office equipment supplier Xerox said today that it has received $435 million in financing from General Electric’s GE Capital Unit, boosting its cash balance to $1.8 billion.
Xerox said the financing is secured by its portfolio of lease receivables in the United Kingdom. Xerox said the financing from GE will be repaid over 18 months.
The company said yesterday it had hired Blackstone Group LP - well known for advising on corporate restructurings - to help with liquidity and cash-flow management. It denied a report in the New York Post yesterday that it had hired Blackstone to advise it on bankruptcy.
Xerox shares, which have lost three-quarters of their value in the last 12 months, closed off 9/16 at $5-3/16 on the New York Stock Exchange last night.
Reuters