Italian Auto Supplier Inches Toward Debt Freeze After Unit Sale

Italy-based Eldor SpA is close to obtaining a moratorium on around €300 million ($328 million) of its debt after it announced plans to raise cash with the sale of a key unit.

The auto-parts maker’s creditor banks are edging closer to sign a moratorium on the loans after the company agreed on the disposal of its electric hybrid systems division, according to people familiar with the matter, who asked not to be identified because they aren’t authorized to speak about it. Eldor is selling the unit to American automotive supplier and e-mobility firm BorgWarner Inc for around €75 million and ...