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The British government will back Jaguar Land Rover (JLR) with a £1.5bn ($2bn) loan guarantee to help support the company’s supply chain amid the cyberattack induced shutdown. The shutdown at JLR has lasted for nearly a month leading to a disruption in the supply chain. Some of its small suppliers are said to have only one week left before they run out of cash. The ministry noted the loan would be privately financed and guaranteed by Britain’s export credit agency, UK Export Finance. Reports suggest that production at JLR may not resume until November, with revenues expected to see an estimated £3.5bn ($4.7bn) hit and gross profits set to witness a £1.3bn ($1.7bn) setback.
JLR’s bonds have been trading broadly stable with its 5.5% 2029s at 100.1, yielding 5.3%.
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