"Jaguar Land Rover has said that it will restart parts of its manufacturing operations in the coming days in the latest stage of its complex effort to recover from a crippling cyber-attack. The maker of Jaguar and Land Rover cars has been scrambling to get its systems up and running after the hack on the last day of August forced it to shut down factories and retail operations around the world."
"The UK government on Saturday announced a 1.5bn loan guarantee for JLR to support its supply chain. Peter Kyle, the business secretary, said that the government had announced a huge amount of money to help a hugely important company and countless businesses in the supply chain that are being affected in a speech on Monday at Labour's annual conference in Liverpool."
"The loan will help ease the pressure on JLR's cash reserves as it bears the heavy costs of investigating the hack as well as rebuilding its systems. However, credit analysts have said that the company, which is owned by Indian conglomerate Tata, is unlikely to default on its debts after almost two years of large profits. The company's engine factory in Wolverhampton, West Midlands, is likely to be the first to restart, according to two people with knowledge of the situation."
Jaguar Land Rover will carry out a controlled, phased restart of some manufacturing operations after a cyber-attack on the last day of August forced global factory and retail closures. The UK government announced a £1.5bn loan guarantee to support the company’s supply chain, with private banks providing the loan and UK Export Finance guaranteeing potential losses. The funding aims to ease pressure on JLR’s cash reserves as the company investigates the hack and rebuilds systems. Credit analysts consider default unlikely given recent profits. Suppliers face uncertainty about the timing of payments and the speed of wider recovery.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]