Reuters has reported this morning that the EU is set to effectively bail out Antonio Merloni, the owner of the Servis UK and Electra brands with a €68 Million loan guarantee.
The loan guarantee is in order to rescue the Italian appliance producer Antonio Merloni which is said to have been hit by rising costs of raw materials and mounting debts.
“I am satisfied that our quick response will allow the company to overcome this time of difficulty without any undue distortion of competition so that its important role in the economy of the regions concerned will be safeguarded,” EU Competition Commissioner Neelie Kroes said in a statement.
No further information is available at this time.