UPDATE 1-Schefenacker bonds drop as earnings target scrapped

Newswire

(Adds analyst, company comment) By Richard Barley LONDON, Aug 24 (Reuters) - Bonds of German auto parts maker Schefenacker AG tumbled further on Thursday after the company scrapped its 2007 target for operating earnings. 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 -- earnings before interest, taxes, depreciation and amortisation -- in 2006 ...

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