Goodyear Misses Deadline (Update)

1st April 2003 | 0 Comments

Goodyear Tire & Rubber Co. has missed its Monday deadline for reporting its end of year results for 2002. The company is still in negotiations with banks over restructuring of its loans. It is currently seeking an extension with the Securities and Exchange Commission (SEC) that would give it until April 15 to file the information. However, Friday is a more impending deadline when the banks wish to complete discussions regarding the loans. Goodyear lost $203 million in 2001 and is expected to post a loss for a second year in a row. The filing with the SEC also requires companies to disclose a wide range of other audited financial data, including available cash, sales, assets, debts and capital resources. Failure to meet the extended deadline could see Goodyear facing a court order to disclose the information, along with civil fines. Goodyear said the only reason it needs an extension is because it is continuing to discuss its loan restructuring with a group of banks.

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Category: Product News

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