Without a rescue plan, bankruptcy would have threatened

Munich For most Leoni shareholders, the rescue of the ailing auto parts supplier ended in a total loss. In the opinion of renovators and interim CEO Hans-Joachim Ziems, there was no alternative. “Of course we didn’t want to get rid of the shareholders,” says the restructuring specialist in an interview with the Handelsblatt. Without an agreement with the creditors and the investor, however, bankruptcy threatened.

According to Ziems, other companies in the industry could get into trouble in the coming years. “Some suppliers will still get into trouble because their products – unlike Leoni’s – are no longer sustainable in the transformation to electromobility,” explains Ziems. Everyone involved would have to sit down at a table and think about “how to slow down dying”.