Auto Supplier Webasto Faces Debt Overhaul Amid Downturn
- Germany-based supplier has performed worse than anticipated
- Webasto already agreed new loan terms with banks this year
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German auto parts supplier Webasto SE is facing a potential restructuring of more than €1 billion in debt as a slowdown in the car industry deepens.
The company and its bank lenders, which include BayernLB and UniCredit SpA, are in the process of selecting a chief restructuring officer to oversee negotiations, according to people with knowledge of the matter. The company has also enlisted Rothschild & Co. to provide advice in the debt talks and on possible merger or acquisition deals, the people said.