Leoni surges on financial restructuring agreement

Leoni AG

03/04/2023 13:27

** Shares in Leoni  LEOGn.DE  sky rocket 90% after the
German car parts maker has signed a financial restructuring
agreement with the syndicate banks and Stefan Pierer to reduce
the company's debt and provide it with fresh liquidity
    ** After implementation of the capital measures, Leoni will
receive new liquidity from a capital increase of EUR 150 million
($163.07 million) and will be relieved of financial liabilities
of EUR 708 million
    ** "A significant number of borrower's note holders with a
volume of EUR 168 million have declared that they will join the
concept as of 3 April 2023", which secures the majority to
implement the financial restructuring programme, the company
said in the statement
    ** The company also reported that Klaus Rinnerberger will
take over as chairman of the Executive Board
    ** Shares in Leoni fell 91.8% over the month of March


($1 = 0.9199 euros)

 (Reporting by Amir Orusov)
 ((Amir.orusov@thomsonreuters.com))