Germany's Leoni plans restructuring without auto cable unit sale
MUNICH, Germany (Reuters) - 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)
(Reporting by Joern Poltz and Alexander Hübner; writing by Matthias Williams, Editing by Miranda Murray)