KION Group's lenders have approved the materials handling equipment manufacturer's proposal for an amendment of covenants.

According to KION, more than the required two-thirds majority of lenders voted in favour of the company's proposal, which "is a prudent step to ensure the company's ongoing compliance" with its covenants in a market impacted by dropping demand for forklifts.

"The broad support from our lenders clearly reflects their strong trust in the quality of our business," says KION Group CFO Harald Pinger.

"Lenders' support is an important basis for our future success," says Pinger, adding that KION was also pleased by the support of its shareholders.

KION's shareholders, KKR and Goldman Sachs Capital Partners, are showing their support by providing the company with EUR100 million (USD147.9 million), as reported by Forkliftaction.com News in Forkliftaction.com News #422.

The KION Group, with its Linde, Still, OM and Baoli brands, employs over 21,000 people and generated revenue of about EUR4.6 billion (USD6.8 billion) in the 2008 financial year.