CORRECTED-Schefenacker bonds drop as EBITDA target scrapped

Newswire

Correcting year in paragraph six to 2006 from 2005. LONDON, Aug 24 (Reuters) - Bonds of German auto parts maker Schefenacker AG tumbled further on Thursday after the company scrapped its 2007 target for earnings before interest, taxes, depreciation and amortisation. Schefenacker said in a presentation released on its Web site ahead of a conference call that "our three digit EBITDA expectation for 2007 is not realistic any more." It also said that EBITDA in 2006 would be substantially ...

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