Kirch seeking more help with loans

THE Kirch Group, which controls the Formula 1 group of companies, is trying to find a way of restructuring its debts because the Dresdner Bank is demanding that one of the firm's outstanding debts be paid by the end of this month. Kirch owes Dresdner just over $400m by the end of the month and the bank is rumored to be unwilling to extend the loan.

Kirch is rumored to be the target of a hostile takeover bid from Rupert Murdoch's News Corporation. Both companies have denied that this is the case but no-one seems to believe them...

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