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As European motorists labour through unusually severe snow and ice, German car parts supplier Continental has at last been getting a better grip on its own parlous finances.

A €1.1bn ($1.6bn) underwritten rights issue, on the heels of a recent €2.5bn debt restructuring agreement with banks, has relieved some of the doubts surrounding Hanover-based Conti, which had been labouring under a €9.5bn debt pile.

Shares in the company rose more than 10 per cent yesterday.

The agreements should ensure the company can pay off €3.5bn due this August, leaving its next debt hurdle a more distant one - €5bn due in 2012.

There were hints from Elmar Degenhart, Conti's chief executive, that the company would try to address that repayment well in advance with a bond issue.

"We are moving just as quickly and rigorously to optimise maturities for our indebtedness using suitable instruments of the financial markets," he said.

Conti's restructuring of its finances has also given signs that the company is working together with its majority shareholder, Schaeffler.

Read the full story at ft.com.

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