Date: 2013-08-01

Schaeffler Said to Consider Debt-For-Equity Swap With Lenders

Schaeffler Group, the bearings maker strained by 11 billion euros ($14 billion) in debt from buying Continental AG, may consider a debt-for-equity swap if it fails to get German government aid, people close to the talks said.

Lenders led by Royal Bank of Scotland Group Plc may be forced to swap debt for shares owned by Maria-Elisabeth Schaeffler and her son Georg after the company failed to attract fresh capital to cut borrowings, said three people, who declined to be identified because the talks are private.

The banks may be reluctant to take control of Schaeffler because they will struggle to find buyers for Schaeffler

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