ABB: deeper in the red.

Fonction Financial News

The heavily indebted engineering firm, ABB, has reported a third-quarter net loss of $279 million (CHF369 million)--worse than the $5 million loss forecast by analysts. In addition, now, the group's key sale of its Oil, Gas and Petrochemicals (OGP) business could be delayed.

The sale is at the centre of ABB's promise to its creditors that it would reduce debt before the end of 2003. ABB said it had reached a preliminary agreement to sell most of the unit to United States investment bank, JP Morgan, and the British firms 3i Group and Candover in a deal worth $925-975 million. The money would be used to retire short-term debt. However, completion of the deal is subject to a legal compliance review, centering on improper payments from the unit to three countries in...

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