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URGENT ¥¥¥ PSA Peugeot Citroen writes off 4.7 bn euros for 2012: company

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(Globalpost/GlobalPost)
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Embattled French auto group PSA Peugeot Citroen announced a huge writeoff of 4.7 billion euros ($6.29 billion) for 2012 on Thursday, due to an extremely difficult European market, but said debt and cash targets for the year had been met.

The large majority of the charge pertained to the group's auto business, the company said in a statement, but "neither solvability nor liquidity" were affected.

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PSA PEUGEOT CITROEN

http://www.globalpost.com/dispatch/news/afp/130207/urgent-psa-peugeot-citroen-writes-47-bn-euros-2012-company

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