According to the company, it was the only alternative to ensure its survival, critical dissent was nipped in the bud – and since Wednesday afternoon there has been a green light from the court: KTM owner Stefan Pierer is taking over German cable giant Leoni.
The appointment by the Restructuring Court of Nuremberg was scheduled for 1 p.m. and just over an hour later it was clear: the authorities gave the green light for Stefan Pierer to take over Leoni AG.
Most recently 1.7 billion euro debt
The German cable giant had recently built up a mountain of debt of around 1.7 billion euros. Pierer is now pumping 150 million euros into the car supplier and is also accepting claims from creditors. In return, Leoni would have been significantly relieved of his debt. Financing is assured until the end of 2026.
Stalling fire repelled
Most recently, there was always disruptive fire against the KTM owner’s takeover plans. A request to postpone the announcement of the decision was recently received by the court, but the authority rejected it.
Instead, the restructuring court upheld Leoni’s plan. Reason for the green light: There are no legal grounds for refusal. The capital measures provided for in the plan were deemed permissible under procedural and capital law. You can appeal against the decision within two weeks.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
