Schaeffler warns Conti loan banks to keep away from restructuring

Schaeffler, the German bearings group, and Continental, the tyre maker in which it is set to acquire a 50% stake, came under fresh scrutiny in the loan market this week as tensions resurfaced between the companies, this time over the restructuring of a Continental loan.

  • 19 Dec 2008
Continental is in talks with its lenders about delaying payments on about Eu11bn worth of debt, which is part of the Eu13.5bn the company borrowed in 2007 to back its acquisition of Siemens VDO Automotive. Continental’s ratings were downgraded to junk status this week by Fitch, which warned ...

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2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
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