March 13, 2020 / 5:00 PM / 17 days ago

BRIEF-Leoni Appoints Hans-Joachim Ziems As Chief Restructuring Officer

March 13 (Reuters) - Leoni AG:

* DGAP-ADHOC: LEONI AG: LEONI’S ABILITY TO RESTRUCTURE AND THAT IT IS FULLY FINANCED CONFIRMED BY EXPERT OPINION IN ACCORDANCE WITH IDW S6 - SUPERVISORY BOARD APPOINTS HANS-JOACHIM ZIEMS AS CHIEF RESTRUCTURING OFFICER TO THE BOARD OF DIRECTORS OF LEONI AG

* LEONI AG - HAS COME TO UNDERSTANDING WITH ITS FINANCING PARTNERS ON MEASURES TO COVER IN DECEMBER 2019 IDENTIFIED LIQUIDITY REQUIREMENT

* LEONI AG - THIS WILL ENABLE INCREASE OF ITS AVAILABLE LIQUIDITY BY AT LEAST EUR 200 MILLION

* LEONI AG - MEASURES INCLUDE SUBSTANTIAL EXPANSION OF EXISTING FACTORING PROGRAMME, SALE AND LEASEBACK TRANSACTIONS OF ASSETS IN GERMANY AND CHINA

* LEONI AG - MEASURES ALSO INCLUDE RESTRUCTURING OF VARIOUS EXISTING BILATERAL CREDIT LINES INTO A NEW SYNDICATED CREDIT LINE

* LEONI AG - MEASURE HAS NO IMPACT ON EXISTING SYNDICATED CREDIT FACILITY FROM 2018

* LEONI AG - COMMITTED NOT TO PAY A DIVIDEND UNTIL RESTRUCTURED CREDIT LINES HAVE BEEN REPAID Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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