Billion dollar bailout for Iran car maker

Iran Khodro, the Middle East's biggest car manufacturer, is to receive $1 billion in a government-backed rescue package, a company official said on on Wednesday.

Debts of several billion dollars were reportedly threatening to force the bankruptcy of the company, which has 60 percent of the Iranian car market and sends exports around the world.

"The Monetary and Credit Council finally agreed with the one-billion-dollar aid to Iran Khodro," Etemad newspaper said.