Pfleiderer agrees finance deal with banks and hedge funds

Panels giant Pfleiderer has reached an agreement with banks and hedge funds on a refinancing deal which will aim to significantly reduce the company’s €914.5m debts.

The agreement is to be approved by boards of individual creditors by the end of this month.

Pfleiderer will make a further announcement soon on the details of the restructuring concept and further steps to be taken.

Part of the agreement is Pfleiderer AG will receive further loans of €100m from banks and hedge funds. This will secure the Group's financing while it implements the financial restructuring.

The standstill agreement with the banks, which includes the suspension of regular loan repayments and is initially limited until March 31, is to be extended until April 30.

This will give the various parties enough time for the contractual implementation of the key points of the refinancing deal.