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Nokia Siemens Networks raises $1.6 billion to restructure

01/23, 11:30pm

Follows a $1.3 billion bailout last year

Troubled joint venture Nokia Siemens Networks has raised $1.6 billion from US and European banks as part of a restructuring and re-focusing of the company's telecommunications equipment business. It had originally sought $1.95 billion to help pay off a $2.6 billion debt caused in part by the cost of a large redundancy program, and was bailed out last year to the tune of $1.3 billion by its parent companies after they failed to sell the joint venture.

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