CZV in talks with lenders

Carl Zeiss Vision (CZV) has reported that it is in talks with lenders over a financing restructure. According to US news website Vision Monday, the talks are as a result of a covenant breach based on CZV's financial results for the financial year 2008/09.

Parent company Carl Zeiss, will lead the negotiations for the shareholders with its lending syndicate 'with the goal to achieve a financial restructuring, allowing a sustainable successful development of the company'. Zeiss added that if a successful financial restructuring could be achieved, it would provide an equity injection. It also revealed that a 'successful restructuring solution' could lead to modifications in the corporate governance of Carl Zeiss Vision. Zeiss said that it expected an agreement with its lenders to be reached within the next few months.