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Cordiant prepares financial restructuring

Published on .

Cordiant, Saatchi & Saatchi Advertising's holding company, will start a financial restructuring program with a rights issue valued at $200 million to pay back company debts. Cordiant said proposals include raising new equity from its shareholders. Its shares dropped 11 cents, to $1.32, after Cordiant confirmed Oct. 27 reports in The Guardian.

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