Conti completes first steps toward financial restructuring

ERJ staff report (DS)

Hannover, Germany — Continental said it has completed the intial phase of a financial restructuring.

It said in a statement that it has amended the existing loan agreements, allowing for the repayment of the tranche of €3500 million due in August 2010 by a forward start facility (FSF) which should provide more flexibility . The company has received commitments in excess of the requested €2500 million in the FSF, the international automotive supplier announced after the signing of the related loan agreements…

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