JLR Shops for $1 Billion in New Funds After $4 Billion Writedown

February 11, 2019 at 1:15 AM

Jaguar Land Rover Ltd. says it needs to find $1 billion in funding within 14 months to replace maturing bonds.

Last week the company wrote down £3,1 billion ($4 billion) in asset value, citing the negative impact of disruption caused by the U.K. leaving the European Union in March and on the prospects of continued slow sales in China. JLR also is eliminating 4,500 jobs in addition to the 1,500 workers it furloughed last year.

The company tells Bloomberg News that bonds are trading below par, so it may lease assets, use export credits or pursue other bank financing options.