Private equity group Wendel's new chief executive has warned that it will make 'a major accounting loss' in 2009, the most notable reason being its shareholding in construction materials company Saint-Gobain. Frédéric Lemoine took over the position in May, following the departure of Jean-Bernard Lafonta. The group has reported its first-half sales figures, which highlight a 1.2% fall to €2.46bn (£2.10bn) in the six months to June. Wendel has managed to reschedule €800bn of debt due in June 2011 to June 2015. The company had a net debt of €7.9bn at the end of 2008, mainly due to its €6bn investment in Saint-Gobain, pushing it into debt as the recession began, the Financial Times reports. Lemoine said the group was due to announce 'a major accounting loss in the first half and for the year 2009' when its first-half results are announced on 31 August.