The financial crisis has pushed all manner of companies into a defensive crouch. Bertelsmann is no exception. Last year, the unlisted German publisher refinanced several hundred million euros of debt and axed costs. This year, Hartmut Ostrowski, the chief executive, wants to cut millions more. Yet he also wants to prepare for recovery by scooping up media assets at recession prices.

Sounds great. The problem is that Bertelsmann remains saddled with debts it took on to fund the buy-out of a minority shareholder in 2005. At €6.6bn, including pension liabilities, net debt still exceeds a self-imposed debt cap of three times earnings. As a result, the world’s fourth-biggest media group has little room to borrow more. Moreover, because it insists on remaining private, it cannot issue shares to raise capital.