MMC Refinances Over Commissions Loss
NU Online News Service, Dec. 16, 2:57 p.m. EST?Marsh & McLennan Companies Inc. said it has completed a $3 billion refinancing after revenue problems linked to its difficulties over suspect commission charges.[@@]
According to the company, the new credit arrangement became necessary when New York-based MMC said it would eliminate controversial Market Service Arrangements, a form of contingent commission, amounting to more than $800 million in revenue. The loss in revenue resulted in the layoff of more than 3,000 employees.
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