{"id":85079,"date":"2023-11-15T22:35:57","date_gmt":"2023-11-16T03:35:57","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/alstom-shares-plunge-again-amid-fears-of-capital-raise-to-trim-debt-burden\/"},"modified":"2023-11-15T22:35:59","modified_gmt":"2023-11-16T03:35:59","slug":"alstom-shares-plunge-again-amid-fears-of-capital-raise-to-trim-debt-burden","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85079","title":{"rendered":"Alstom shares plunge again amid fears of capital raise to trim debt burden"},"content":{"rendered":"
\n

Alstom shares plunged by a fifth at one point on Wednesday after the train maker said it would sell assets, cut jobs and consider a capital raise after a cash flow warning in October increased concerns about the company\u2019s debt level.<\/p>\n

The manufacturer of France\u2019s high-speed TGV locomotives said it hoped a divestment program would raise \u20ac1 billion ($1.09 billion), while costs would be reduced through the trimming of about 1,500 positions as it looked to bolster its balance sheet. Alstom said it is targeting a reduction in its net debt of \u20ac2 billion by March 2025.<\/p>\n

\n

The restructuring follows last month\u2019s news that Alstom saw a \u20ac1.15 billion ($1.2 billion) cash outflow in the first half of its fiscal year, and it expected negative free cash flow of \u20ac500 million to \u20ac750 million this year, partly as a result of boosting production to meet new orders and from delays in completing the U.K. Aventra electric train project.<\/p>\n

Alstom\u2019s Paris-listed shares
\n ALO,
\n -15.03%<\/bg-quote>
\n fell by more than a third at the time as investors worried that the cash flow crunch would compromise the servicing of Alstom\u2019s net debt, which stood at \u20ac3.4 billion at the end of September.<\/p>\n

Alstom shares rose off session lows on Wednesday, but a 17% decline for the session left them down 48% for the year, with traders particular concerned at the mooted prospect of new issuance to raise capital \u2014 though CEO Henri Poupart-Lafarge told Bloomberg Television it was not the company\u2019s preferred option.<\/p>\n

\u201cUntil the \u2018will they\/won\u2019t they\u2019 question is resolved on an equity raise, share[s] can remain volatile,\u201d Citi analyst Martin Wilkie said in a note.<\/p>\n

The broader Paris bourse was chipper however, with the CAC 40
\n FR:PX1
\n gaining 0.7% amid an upbeat European session following strong gains on Wall Street the day before. <\/p>\n

London\u2019s FTSE 100
\n UK:UKX
\n rose 1% as resources groups were bolstered by better economic data from China and interest-rate sensitive sectors like real estate welcomed news that U.K. inflation dropped to a two-year low in October.<\/p>\n

The DAX
\n DX:DAX
\n in Frankfurt climbed 0.7%, as Siemens Energy
\n ENR,
\n +8.78%<\/bg-quote>
\n shares recovered more than 6.4% after after the company secured guarantees from the German government and private banks to support order growth as it struggles with problems at its offshore wind unit.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Alstom shares plunged by a fifth at one point on Wednesday after the train maker said it would sell assets, cut jobs and consider a capital raise after a cash flow warning in October increased concerns about the company\u2019s debt level. 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