Financial Times FT.com

Schaeffler launches €12bn debt restructure

By Daniel Schäfer in Frankfurt

Published: August 18 2009 13:10 | Last updated: August 18 2009 14:54

Schaeffler on Tuesday announced a €12bn refinancing that will see its family owners staying at the helm of the debt-ridden group and pave the way for a merger with Continental, the rival car parts maker.

Schaeffler said it had agreed with its five consortium banks on a financing plan that will split the group’s debt into two tranches with maturities of 4½ and 6 years.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this