Xerox buoyed by $1bn cash injection

$10bn in debt to vanish, given time...

Xerox has received $1bn in funding from GE Capital and has agreed the company will act as its primary vendor financing partner. Eighty-one per cent of the customer administration operations of the troubled office equipment manufacturer will now be owned by GE and the remaining 19 per cent by Xerox. The firms will jointly manage the company. Xerox said its decision to move to third party equipment financing will remove up to $10bn from its balance sheet over time.