At a meeting yesterday, Wednesday, around 96 percent of the creditors and Pierer’s L1-Beteiligungs GmbH voted for the restructuring concept presented at the end of April, the German “Finance” magazine reported.
As reported, the restructuring concept provides for tough cuts. Leoni, a specialist in wiring harnesses, wire and wiring systems, accumulated a mountain of debt of 1.7 billion euros. Pierer announced at the end of March that he wanted to bring in 150 million euros and become the sole owner. The District Court of Nuremberg is now on the ball. Its decision is expected for June 21st. Tomorrow, Friday, the restructuring concept will also be on the agenda at the Leoni general meeting.