KPN tackles debt mountain

And it's going to take some tackling...

KPN has asked its investors to hand over E5bn (£3bn) in a rescue financing bid. The move is an attempt to reduce the Dutch telco's debt mountain and avoid the sale of key assets, the Telegraph reports. The company has debts of around E22.3bn (£13.4bn). France Telecom has also completed a £2.1bn convertible bond deal in an attempt to reduce its own considerable debts. The move raises FT's total convertible issues for 2001 to over E6bn (£3.6bn).