Leoni brings in new Chief Restructuring Officer
Since the buyer surprisingly refused to close the sale of the Business Group Automotive Cable Solutions (BG AM), Hans-Joachim Ziems joins Leoni as Chief Restructuring Officer, responsible for the necessary adjustment of the refinancing plan and its implementation.
Leoni says that the company is currently working intensively with its creditors to adapt its refinancing and restructuring concept to the new situation. This is against the background that the Thai Stark Corporation refused to close the sale of the Business Group Automotive Cable Solutions (BG AM) in mid-December, despite the signed purchase agreement.
The company states in a press release that the cash inflows from the sale of BG AM would have been an essential part of the planning to date. In an initial reaction, Leoni's syndicate banks had temporarily extended the credit lines that would otherwise have matured on December 31, 2022.
As CRO, Ziems will support Leoni to quickly reach a viable solution with the lenders. From April 2020 to March 2021, Ziems had already strengthened the management committee around Leoni CEO Aldo Kamper in the same function in a complicated phase.
"It's no secret that we are facing a few special months," says Klaus Rinnerberger, Chairman of the Leoni Supervisory Board, in a press release. “Hans-Joachim Ziems not only enjoys an excellent reputation as a restructuring specialist. He doesn't have to familiarize himself with Leoni for long either. He is the ideal addition to our team for this special task.”