NÜRNBERG (dpa-AFX) - The financially troubled automotive supplier Leoni is getting help from an experienced restructuring expert. The supervisory board has appointed restructuring expert Hans-Joachim Ziems to the management board, the Nuremberg-based company, which specializes in on-board systems, announced on Monday. Ziems had already bailed out Leoni in a difficult situation in 2020 and 2021. The listed group of companies, which employs around 100,000 people in 28 countries and achieved consolidated sales of 5.1 billion euros in 2021, had received a state guarantee of 330 million euros at the time, among other things.

For Leoni, a sale of its cable division to the Thai Stark Corporation, which had already been thought certain, fell through in December. The sale was to have brought in around 400 million euros. Leoni's financing concept agreed with the creditor banks had already included this sum, which was primarily intended for debt repayment. Leoni accuses the Thai group of breach of contract. The potential buyer had imposed unacceptable conditions at the last moment before the final signing, irrespective of conditions already negotiated.

Most recently, the Franconian supplier's business had suffered mainly due to problems in the procurement of semiconductors. In the first nine months of 2022, a loss of 88 million euros had been generated on sales of 2.84 billion euros, five percent lower than in the same period last year.

A financing concept adapted to the new situation is now to be drawn up together with Ziems and the banks, the company added on Monday. "It's no secret that we are facing some special months," said Leoni Supervisory Board Chairman Klaus Rinnerberger./dm/DP/jha