'Finances are secure,' says Continental
Continental AG says it has secured its financial structure and has more than 3.5 billion euros in cash at its disposal.
"With this foundation, we can continue to reduce our debt consistently, which will be our prime focus in the future," says Continental Vice Chairman and CFO Dr. Alan Hippe.
Nearly 50 of the banks with whom Continental works recently accepted Continental's restructured financial proposals, report company officials.
The German tire manufacturer and auto components supplier approached the banks in December 2008 "as it became apparent that credit conditions might have to be adapted to the continuing deterioration in the economic situation."