Polytec says has bank deal to avoid insolvency
VIENNA, April 30 (Reuters) - Indebted Austrian car parts maker Polytec (POLV.VI) said on Thursday it had struck a deal in principle with its creditor banks to stave off a looming insolvency.
The group, creaking under 345 million euros ($459 million) of net debt, part of which was taken on to buy German peer Peguform last year, said it would present details of the plan after approval by all parties.
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Tags: bank deal, insolvency