STAMFORD, Conn., Xerox Corporation (NYSE:XRX) today announced it has received US$435 million in financing from GE Capital secured by the Xerox portfolio of lease receivables in the United Kingdom. The two companies are also discussing possible plans for GE Capital to provide equipment financing for Xerox customers in several European countries. "Today's announcement represents another significant step in our plan to ensure Xerox's financial stability," said Barry D. Romeril, Xerox vice chairman and chief financial officer. "This transaction enhances our liquidity, and discussions with GE Capital about providing equipment financing add further credibility to the long-term nature of our business. Including the proceeds from this financing, the company's current cash balance is approximately $1.8 billion." The $435 million financing will be repaid over an 18-month period. Xerox announced in October that it would transition to third-party financing as part of its turnaround plan. Over time, this may remove as much as $11 billion in equipment financing-related debt from the Xerox balance sheet and reduce the company's future cash requirements.