German bearings maker Schaeffler will present to the German government a restructuring plan for its business within the coming two weeks, a prerequisite for receiving state aid, a person familiar with the matter said.

The company has recorded a 20% drop in new orders recently, with even larger declines in individual units, the source said.

German Economy Minister Karl-Theodor zu Guttenberg last weekend told a newspaper that providing Schaeffler with aid was a 'last ditch' option.

Schaeffler, a family-owned firm, borrowed 16 billion euros ($20.15 billion) to buy control of car parts maker Continental AG against the wishes of Continental's former chief executive.

The collapse of Lehman Brothers and intensification of the financial crisis left the firm struggling to cope with the debt.

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