Schaeffler’s proposed changes to terms governing $7.9 billion of high-yield bonds, including a new  €1.8 billion ($2.3 billion) loan, are being opposed by Schroders Plc., which manages some of the supplier’s debt.

Investors must decide by Thursday whether to increase the company’s debt-to-earnings ratio and approve the new  €1.8 billion ($2.3 billion) loan, according to documents seen by Bloomberg News.