Eneris Group has suspended its financial commitments for the time being and Leclanche shareholder Fefam has provided a bridge loan of CHF34 million to give the historic company more time to set up a joint venture for large scale battery cell production in Europe.
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.
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.
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