Last stand by Metallgesellschaft

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The Independent Online
Metallgesellschaft, the metals and environmental technology group, is to make a last-ditch attempt at talks in Frankfurt today to persuade 120 creditor banks to save it from bankruptcy. Deutsche Bank, the main institutional shareholder leading the rescue effort, said a decision must be made today on the DM3.4bn (pounds 1.3bn) refinancing package.

Senior Deutsche officials were still in Paris yesterday trying to talk round six big French creditor banks. Barclays, owed DM154m, is also unhappy with the proposals. The group says the rescue plan must have unanimous support or it will begin insolvency proceedings.