French chemicals company Rhodia is facing a liquidity crunch. Under a deal struck with its banks last December, it needs to raise e300 million in a rights issue by May 15 to access a new loan. Its finances have worsened since then. It has paid e295 million to bondholders threatening to tip it into default. And its access to credit backed by uncollected invoices has reduced, forcing up the debt held on its balance sheet by more than e200 million last year.
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