International News - Ahold takes its first step on the road to solvency

Embattled Dutch retailer Ahold has met the first of three conditions of a credit facility by delivering audited 2002 results for its Albert Heijn supermarket business. Delivering the audited results for Albert Heijn to banks represented stage one of releasing a US$3.1 billion (£1.89 billion) credit facility with ABN Amro, ING, Rabobank, JPMorgan and Goldman Sachs.

The second and third parts of the agreement require Ahold to file audited results for its US Stop & Shop operation and last year's group results by June 30 and August 15 respectively. Ahold was drawn into an accounting scandal earlier this year when income at its US Foodservice division was overstated by US$880 million (£535.81 million) over two years.