Germany's Leoni plans restructuring without auto cable unit sale

Leoni AG

03/02/2023 10:58

MUNICH, Germany, Feb 3 (Reuters) - Ailing German auto
parts supplier Leoni  LEOGn.DE  will not try to sell its auto
cable business after a previous attempt to do so fell through,
its outgoing chief executive Aldo Kamper told reporters on
Thursday evening. 
    Kamper had originally planned to include the expected 442
million euros ($483.19 million) in proceeds from the sale as
part of a rescue package deal for the Nuremberg-based group.
However, in December a prospective buyer from Thailand withdrew.
    Now Leoni wants to try to win more concessions from its
lenders and clients in the auto industry. "The space to find a
solution has become narrower," said Kamper, but added: "Both the
banks and the manufacturers believe that Leoni is needed." 
    Kamper expects at least a basic restructuring agreement
before his expected departure from Leoni at the end of March. 
($1 = 0.9147 euros)
 (Reporting by Joern Poltz and Alexander Hübner; writing by
Matthias Williams, Editing by Miranda Murray)
 ((matthias.williams@thomsonreuters.com;))