Lucent gets green light to renegotiate bank loan

MURRAY HILL, N.J.—Lucent Technologies Inc. said its bank group has given it the go-ahead to renegotiate its $4 billion loan by recording the business restructuring and other charges.
The green light also allows the company to change the conditions to spin off its semiconductor unit, Agere Systems.
To spin off Agere Systems, the company says the banks require it to achieve positive earnings before interest, taxes, depreciation and amortization as well as increase its cash flow from $2.5 billion to $5 billion.