Renault has sealed a state-backed loan totalling 5 billion euros, sparking a big jump in its share price Wednesday.
Julian Satterthwaite reports.
Renault shares jumped Wednesday (June 3) morning, gaining as much as 8% in early trade.
That after the carmaker sealed a state-backed loan of 5 billion euros - about 5.6 billion dollars.
Renault says the French government has guaranteed up to 90% of the amount borrowed.
Major local lenders including BNP Paribas, Credit Agricole and Societe Generale arranged the funding.
Renault last week announced plans to cut about 15,000 jobs worldwide.
Around 4,600 will go in France, where the company will seek voluntary departures and use retirement schemes.
The announcement sparked protests at some factories, including the Maubeuge plant in northern France.
However, Renault chairman Jean-Dominique Senard has promised that site will not be closed.
He says the loan comes without any major conditions attached.
And promised the company would present a new strategic plan by the end of the year.
Italy could soon announce a $7 billion loan for Fiat Chrysler, in what would be the biggest such deal for any European carmaker...