Image: Wolfgang Simlinger
Major shareholder Pierer is ready to provide Leoni with 150 million euros of fresh capital and to take over part of the bank debt so that the Nuremberg company can be debt-free, Leoni announced on Wednesday.
The other shareholders are left empty-handed in the course of the capital cut, which had already been expected. The banks and promissory note creditors can hope to get some of the money back after the restructuring. Leoni would thus be saved until the end of 2026. The Bavarian company is a highly indebted cable and wiring system specialist and has been in urgent need of fresh money for some time. Sales in 2022 amounted to 5.1 billion euros.
“From the point of view of the board of directors, this restructuring concept is the only remaining restructuring solution,” the statement said. Negotiations with Pierer and the creditors have progressed, and an agreement can be expected in the short term.
About three quarters of Leoni’s stock is in free float. The largest single shareholder is the Austrian Pierer Group with a stake of around 20 percent. “This has declared that under certain conditions it wants to make a significant contribution to the restructuring as part of the equity injection,” Leoni had already announced at the beginning of February after a failed sale of part of the company.
Source: Nachrichten
