Report: Xerox Receives $435 Million in New Financing

Troubled Xerox (XRX Quote) will receive $435 million in secured financing from General Capital, a unit of General Electric(GE Quote), according to published reports this morning.

The financing, which Xerox has agreed to repay within 18 months, will reportedly boost the copier maker's near-term cash balance to $1.8 billion.

Yesterday, Xerox denied plans to file for bankruptcy and said it hired private investment bank Blackstone Group as a general financial adviser. Today's reports said Xerox has been negotiating to sell its European financing operations, and the financing will keep the operations going while discussions proceeded. ...