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Germany's Leoni plans restructuring without auto cable unit sale

Germany's Leoni plans restructuring without auto cable unit sale
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By Reuters
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MUNICH, Germany - Ailing German auto parts supplier Leoni 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)

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