Still fighting off liquidity worries,


(V) - Get Report

on Monday rolled out a plan to restructure some debt and raise some 3.5 billion euros through new loans.

The French media conglomerate said its parent entity, Vivendi Universal, had received a commitment from bankers for a three-year, 2.5-billion-euro credit line. The parent company will also issue 1 billion euros in new high-yield debt.

The company also said its Vivendi Universal Entertainment unit would refinance a $1.6 billion bridge loan by securitizing receivables, taking a term loan and possibly extending the bridge loan.

The company said the refinancings wouldn't affect its plan to cut debt to below 11 billion euros by year-end. Vivendi has been seeking to sell assets ever since its former chairman, Jean-Marie Messier, was forced out last year, and new CEO Jean-Ren¿ Fourtou reiterated Monday the company's intention to continue selling noncore assets.

Vivendi fell $1.13 Monday, to $14.41.