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Netherlands: Deadline extended for ING to pay debt, sell assets

By  |  November 19, 2012
Netherlands: Deadline extended for ING to pay debt, sell assets

The European Commission will allow Dutch financial group ING to revise its pay schedule to repay state aid and sell off assets, allowing ING an additional 5 years to complete the restructuring process. ING will reportedly have the additional time to sell its insurance business and repay its remaining €3 billion debt owed to the Dutch government after a 2008 €10 billion bailout. When finished, ING’s position will have gone from a global to a regional lender. The European Commission’s original agreement only gave the company until 2013 to divest some of its assets to ease an unfair competitive advantage that the Commission feared would occur after getting the state aid. ING had appealed the Commission’s original deadline to the European Union’s General Court of Justice, eventually settling with the deal out of court.

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