August 8, 2019 / 12:56 PM / 3 months ago

Germany's Leoni hires external adviser for restructuring - sources

MUNICH (Reuters) - Leoni (LEOGn.DE) has hired an external adviser to monitor its ongoing restructuring, two sources said on Thursday.

Magazine WirtschaftsWoche reported that representatives of Leoni’s creditors had met on Monday to discuss the firm’s liquidity situation.

Leoni has hired Hans-Joachim Ziems as an external expert for the restructuring, the sources told Reuters, adding that Leoni managed to reassure its creditors.

Leoni said it was in constructive talks with its creditors but declined to provide details, adding that its lenders supported its saving and strategy scheme.

Leoni in July said it was exploring a sale or flotation of its wire and cable division as part of a broader review of the group’s structure.

Reporting by Alexander Huebner, Joern Poltz, writing by Riham Alkousaa, editing by Jason Neely

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