MILAN - Fiat and creditor banks may need to work out changes to a loan deal for the Italian carmaker given a restructuring plan by its new chief, creditor bank Intesa said on Monday.
Fiat Chief Executive Guiseppe Morchio said last week the group was working out a new industrial plan based on improving the quality of its products, a more competitive cost structure and being at the cutting edge of innovation.
Morchio also said the size of an expected capital increase at Fiat would depend on the needs of the new plan, expected to be unveiled by late June, and that the group would sell no more assets.
"There is an agreement from May last year and there will be a new plan that Morchio is preparing. As a result, it is possible that some things may be revised," Intesa Chief Executive Corrado Passera said on the margins of a conference.
Intesa, together with UniCredito, Sanpaolo IMI and Capitalia in May 2002 organized a 3.0 billion euro ($3.36 billion) loan for Fiat that may be converted into a stake if the group fails to meet conditions to cut debt.