Demant arms itself for crisis with billion-kroner loan: "The second quarter won't be pretty"
The corona crisis has gobbled up 70 percent of the revenue at hearing group Demant. This has caused the company to triple its accessible credit facilities, meaning it can now run up debts totaling DKK 6 billion (USD 867 million) with banks. Demant has also cut costs.
BY ALBERT RØNNING-ANDERSSON, TRANSLATED BY CATHERINE BRETT
First it was a hacking attack which shaved DKK 650 million (USD 94 million) off of Demant's revenue in September 2019. Then came the corona crisis, which has lopped off 70 percent of the revenue.
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