But vem had to hand over significant collateral to the banks as a prelude to a broader restructuring in the coming months that is expected to strip the holding company of many of its assets , according to people familiar with the matter .
Refinancing talks with banks in recent weeks proved difficult because creditors were wary of extending vem new funds without sizable guarantees , and mr. merckle was reluctant to concede too much control , according to people familiar with the matter .
