GERMANY - BPE's Neumayer completes EUR 42m restructuring

The lending banks and BPE will co-invest the new capital, while all stakeholders have agreed to write-off of a portion of their investments. Terms and conditions on the company's debt were also adjusted, including the interest and amortization structure.

Since the beginning of 2007, Neumayer has undergone a comprehensive consolidation process. Numerous operational measures have been implemented to strengthen the company and put it in a position to weather a strong decline in revenues as occurred in Q4 2008.

Neumayer Tekfor Group designs, develops and produces solutions for gearboxes, engines, chassis, special applications and lock nuts. Its had more than 3,000 employees worldwide in 2008 and generated close to EUR 600m of turnover with the group's international automobile customers.

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