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. Last Updated: 07/27/2016

Schroder Touts Duty

BERLIN -- German Chancellor Gerhard Schroder said Wednesday in parliament that he hoped to convince German banks of their duty to rescue construction group Philipp Holzmann AG from insolvency.

Schroder was to travel to Frankfurt on Wednesday afternoon to argue to creditors that the ailing construction group does not have to be split up and sold off. He said the banks have a duty to work for a solution.

"I hope to convince the large banks, especially when they sit on the supervisory boards, that they have an obligation for the company that goes beyond day-to-day business considerations," Schroder said.