MMC Refinances Over Commissions Loss

NU Online News Service, Dec. 16, 2:57 p.m.EST?Marsh & McLennan Companies Inc. said it hascompleted a $3 billion refinancing after revenue problems linked toits difficulties over suspect commission charges.[@@]

According to the company, the new credit arrangement becamenecessary when New York-based MMC said it would eliminatecontroversial Market Service Arrangements, a form of contingentcommission, amounting to more than $800 million in revenue. Theloss in revenue resulted in the layoff of more than 3,000employees.

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