Stefan Pierer has owned more than 20 percent of Leoni AG since February last year – now the KTM boss is likely to take over the German wire, cable and wiring systems specialist, which has fallen into serious financial difficulties. Pierer presented a restructuring plan.
It is the only remaining restructuring solution – this is how the board of directors of Leoni AG describes the offer of Stefan Pierer and Pierer Industrie AG. As of February 2022, the Upper Austrian company holds more than 20 percent of the voting rights in the specialist for wire, cable and wiring systems. And now Pierer will soon own 100 percent of the car supplier!
Because: Leoni announced on Wednesday afternoon that he is in advanced negotiations with the financial creditors and Stefan Pierer as a strategic investor about a financial restructuring concept. A short-term agreement is to be expected. The rescue will cost several hundred million euros.
About 1.7 billion euros in debt
According to “Handelsblatt”, the sale of the car cable business to Thai Stark Corp had previously failed, which also meant that Leoni’s restructuring concept was nullified. According to the media company, Leoni is on a mountain of debt of about 1.7 billion euros.
Source: Krone
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