Creditors of panels producer Pfleiderer AG have agreed to extend the suspension of the company’s debt interest payments.

The move, which extends the standstill agreement until May 9, will allow for the contractual implementation of the key points of Pfleiderer’s financial restructuring plan first agreed on March 18.

The restructuring aims to achieve a significant reduction in the group debt and a return to a sound equity base.

Pfleiderer will receive further loans of €100m from creditors to secure its funding while its implements the restructuring.

Creditors will waive a significant proportion of the money owed.