Schaeffler Group grace supported debt

FAG wind turbine earing distributor in China Analysis: Schaeffler Group during the financial crisis of this period, due to the acquisition of Continental wrong decisions, resulting in the family business to become a victim of the financial crisis. We learned from the headquarters in Germany FAG bearings, Schaeffler Group, who is currently the Schaeffler Group's creditor banks to give loans for debt can relax its duration, but can also Schaeffler Group (fag) within a specified period in the last few days for the six-month bridge loan of five hundred million euros.
 Although Schaeffler Group can clutch bearing  but the Schaeffler Group's debt owed ??to banks has reached 12 billion euros, a single monthly interest payments as high as 70 million euros, which is the whole group a devastating impact on the performance of . It is said that the reason given Schaeffler Group creditor banks repay the grace period is to preserve the Schaeffler family last little face. Banks believe that a workable debt restructuring plan is essential anyway. As for the Schaeffler Group and Continental tire company should be separated or how to separate is being weighed by creditor banks, whether because of their merger synergies and cost savings are always questionable.
 Currently, the Group is now an urgent need 6 billion euros of funds used to repay bank debt and supplement liquidity, or pledged to the creditor banks Schaeffler family's stake may be lost, causing the family to lose control of the entire group. Not long ago, the Schaeffler Group has formally apply to the state aid, but so far still no below.