Universal Music's troubled parent company Vivendi Universal has obtained a three-year $2.7 billion loan from a group of banks in a move to refinance its debt. According to the Group's CEO, Jean Rene Fourtou, the refinancing will give Vivendi greater financial flexibility while he pursues his goals of raising about $7 billion from asset sales this year.
Fourtou has been attempting to rescue the entertainment conglom since those false reporting accusations last year sent the company in a financial downwards spiral. That has meant selling off big chunks of the Group, though their music assets are not expected to be among those companies to be sold.