Leclanché plans for debt restructure helped by Swiss Takeover Board
Agreement to wave requirement for chief shareholder FEFAM to conduct a full takeover paves way for shareholders to vote through a debt-for-equity swap that will reduce the historic battery maker’s debts by a reported 65% next Tuesday.
EGM vote to reduce historic battery maker’s debts
Venerable Swiss brand Leclanché is on an expansionist trail, notably in India and low-carbon shipping, but restructuring its debts will involve ceding even more control of the famous company to institutional investors.
Swiss battery maker Leclanché announces debt restructuring
Biggest shareholder has acquired – and postponed payment of – a chunk of debt due last month and agreed a further debt-to-equity transfer. The Swiss company today stated further measures will be required to shore up its balance sheet.
