TO DESCRIBE HEIDELBERG Cement as a stressed company at the beginning of 2009 is something of an understatement. The ill-timed acquisition of UK rival Hanson in 2007 burdened the firm with net debt of €11.6 billion through a mix of syndicated and bilateral facilities – €1.6 billion of which was due to mature that year (with a further €6.6 billion in 2010). Although a covenant waiver had been negotiated with more than 50 lenders, the situation looked challenging. Under pressure from banks to sell assets to pay down debt, Adolf Merckle, Heidelberg’s 86% owner, threw himself in front of a train on January 4....
