Auto Supplier Webasto Hires Restructuring Boss in Major Overhaul
- German firm taps Johann Stohner as chief restructuring officer
- Webasto reached agreement with bank lenders in December
This article is for subscribers only.
German auto parts supplier Webasto SE is kicking off negotiations for a far-reaching overhaul under the aegis of a chief restructuring officer in response to the “ongoing crisis” in the automotive industry, according to a statement Monday.
Webasto reached a stabilization agreement with bank lenders and holders of its Schuldschein notes on Dec. 23, paving the way for a more holistic restructuring, the statement said. Johann Stohner from consultancy firm Alvarez & Marsal will be appointed chief restructuring officer from January 15 to manage the process.