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You are here: Home1 / News2 / Product News3 / Merkel: Loan Guarantees are ‘Right Tool’ for Schaeffler

Merkel: Loan Guarantees are ‘Right Tool’ for Schaeffler

Date: 26th February 2009 Author: Tyrepress Editors Comments: 0

Various online news sources are quoting German Chancellor Angela Merkel as saying that liquidity guarantees would be the right tool to help companies asking for public aid, such as Schaeffler Group. Chancellor Merkel said she has not seen a restructuring plan from either Schaeffler or car maker Opel, which is also requesting government support, yet. “I regard [liquidity] guarantees as the tool we are eyeing,” Merkel told journalists, according to Dow Jones. “Germany has an interest in strengthening companies which have a strong foundation,” Reuters quoted Merkel as saying.

Meanwhile, Schaeffler continues to investigate the possibility of debt-for-equity swaps as a means of paying off some of the multi-billion euro loan it borrowed to buy Continental AG. According to Bloomberg, financial institutions such as government-controlled Royal Bank of Scotland Group Plc – which backed Schaeffler’s takeover of Conti – may “saddle taxpayers with distressed assets as they negotiate debt-for-equity swaps with failing corporate borrowers.”

Related news:

  1. Conti to Buy Parts of Schaeffler?
  2. Reports: Schaeffler Wants Conti Chairman Out or New Board
  3. IPIC Refutes Schaeffler/Conti Acquisition News
  4. Reports: Schaeffler Has Restructuring Plan
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Continental, financials, Germany, government, Product News, Schaeffler, takeover

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