International Business / The Pacific

Rescue Plan Agreed On for German Firm: Kloeckner-Humboldt-Deutz of Frankfurt said banks and local governments have agreed on a package worth $694 million to stave off bankruptcy after a loss at a plant unit. Deutsche Bank, which owns 48.6% of the plant builder and machinery maker, will contribute about half the package, in cash and forgiven loans. The rest will come from other bank creditors, state and local governments, and employees, KHD said. The company said losses at KHD Humboldt Wedag include $396 million in actual losses and $210 million in provisions for further losses. As part of the rescue, KHD is to be broken up into separate diesel motor and plant operations. KHD said it intends to sell the Wedag unit.