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It sold €1.5 billion in convertible bonds to the state.

Investors in its stock and convertible bonds lost more than $14 billion.

In April it sold $894.3 million worth of convertible bonds.

The $100 million issue of convertible bonds pays 5 1/2 percent interest.

It will pay a 13.2 percent premium to buy the company's convertible bonds.

The company also has $200 million in convertible bonds outstanding, but those are not due until 2007.

So the convertible bond should be classified as a liability.

Convertible bonds are most often issued by companies with a low credit rating and high growth potential.

Also, convertible bonds are usually less volatile than regular shares.

The pension fund also purchased a $75 million convertible bond from the company.