Conti/Schaeffler Solution ‘May Take Months’

However, Reuters’ sources said: “Creditor banks [see] no need to hurry because Schaeffler has recently secured a bridge loan of 1 billion euros…They won’t run out of money next month…So there will be calm seas for the months ahead, very calm.” The banks are not interested in coming to a resolution too quickly because they hope that the value of the shares in Continental and Schaeffler they took as security in exchange for lending will experience an uptick Earlier a Schaeffler spokesman confirmed that they the ball bearing maker was not interested in hanging around: “We are still working on a quick combination of the two companies.” Continental representatives reiterated their position that the company’s management will state its intentions by the end of the month.