Leoni AG reinforces Executive Board with Hans-Joachim Ziems as Chief Restructuring Officer
Company adapts refinancing and restructuring plan to the new situation
Leoni is presently working hard with its creditors on adapting its refinancing as well as its restructuring plan to the new situation. This is against the background of the Thailand-based Stark Corporation's surprising refusal to close the sale of the Business Group Automotive Cable Solutions (BG AM) in mid-December, notwithstanding the signed purchase agreement. The funds provided by the sale of BG AM would have been a key element of the previous plan. In an immediate response, Leoni’s syndicate banks have temporarily extended the credit lines that would otherwise have been due on 31 December 2022.
As CRO, Ziems will be directly supporting Leoni with his know-how in expeditiously reaching a viable solution with its lenders. From April 2020 to March 2021, Ziems had already once before reinforced the Board under the leadership of Leoni’s CEO Aldo Kamper with his many years of experience and expertise during a tricky period. “It is no secret that we are facing a few special months ahead,” Klaus Rinnerberger, Chairman of Leoni’s Supervisory Board, said. “Hans-Joachim Ziems not only enjoys an excellent reputation as a restructuring expert. Nor will he need much time to learn the ropes at Leoni. He is the ideal enhancement for our team for this particular task.”
“I know Leoni as a company with fantastic employees, whose wiring systems and automotive cables are highly rated in the automotive industry,” the restructuring expert Ziems said. “I intend to and I will make my contribution to quickly taking the talks with the stakeholders to a good outcome.”