Schefenacker lender standstill agreement extended to conclude restructuring negotiations

By Caroline Salls

Pittsburgh, Dec. 18 - Schefenacker AG extended the standstill agreement with a majority of lenders on its €50 million revolving credit facility and €155 million term loan that grants a deferral of interest payments, according to a company news release.

The company is working to conclude negotiations on its financial restructuring by the end of the year.

"The extension of the standstill agreement is a key component in the negotiations and allows all parties to continue working towards a consensual restructuring concept," chief restructuring officer Stephen J. Taylor said in the release.

Schefenacker is an auto parts company based in Esslingen, Germany.

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