Visitors look at a Rolls-Royce Trent XWB aircraft engine at the company’s booth during the ILA Berlin Air Show in Schoenefeld, south of Berlin, Germany, June 1, 2016. — Reuters pic
Rolls-Royce said the package would comprise a £2 billion rights issue of shares, a bond offering of at least £1.0 billion, a new £1 billion loan facility, plus state support from UK Export Finance for an extension of an existing loan guarantee of up to £1 billion. The engine maker also revealed that it now planned to shed a total of 9,800 jobs by the end of this year, up from the 9,000 announced in May.
“We are undertaking decisive and transformative action to fundamentally restructure our operations, materially reduce our cost base and improve our financial position.”
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