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. Last Updated: 07/27/2016

Steelmaker's Fate Depends On Creditors

Norddeutsche Landesbank, which this week criticized the rescue plan and made its own counterproposals, said it would not accept the plan as it stands.


Banking sources said the plan, drawn up by a committee headed by Deutsche Bank, would have to be accepted by all creditors. Banks have to meet a Wednesday deadline to respond, they said.


"Any bank which does not agree must realize that it will be made known publicly as the bank which killed off Metallgesellschaft," said one source.


The company has said it will go bankrupt -- after making a loss of 1.8 billion marks ($1.04 billion) in 1992/93 -- if its creditors refuse the salvation package. It employs 58,000 people.