© andrei-krauchuk-dreamstime.com Electronics Production | October 17, 2013
White-goods giant Fagor goes into administration
Spanish white-goods manufacturer Fagor filed for protection from creditors. It aims to gain more time while trying to refinance its debts.
Fagor said in a statement it had begun "negotiations with creditors to reach a refinancing agreement to guarantee its financial stability." Now, the company has four months to reach a financing deal. As of June 2013, the company employed around 5'600 staff, writes Reuters.