Vivendi Universal, which was due to put in place a €3bn ($3bn) credit facility this week, has postponed it until November 25 following a string of asset disposals totalling €5bn over the past four months.

According to a banking source in Paris, the success of the asset disposal programme has significantly eased the relationship between Vivendi and a syndicate of 11 creditor banks that committed to the €3bn credit facility in September.