The UK's biggest car dealer group Pendragon PLC has revealed it is reviewing its financing structure amid the economic downturn, and is in talks with its lenders to make changes to its loan terms. Pendragon shares have risen 43 percent over the past week.
"We are having discussions with lenders regarding changes to our loan agreements which would make them more appropriate for anticipated future trading conditions," the company said in a statement in response to the rise in its share price.
Pendragon's move to streamline its finances follows a similar strategy adopted by bigger rival Inchcape who revealed in December that it was in talks with its lenders for a possible change in its financing arrangements to weather the trading downturn in 2009.
Source: Reuters
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