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Goodyear: liquidity may be "materially" hurt by large loans maturing in 2005, 2006
By Ted A. Knutson
Washington, Nov. 9 - Goodyear Tire & Rubber Co. said Tuesday its liquidity may be materially adversely affected by over $2 billion of debt maturing in 2005 and 2006. The warning comes in Goodyear's latest 10-Q filing with the Securities and Exchange Commission.
The loans coming due in two years for the company include its $650 million primary European credit facilities maturing in 2005 and $1.45 billion in asset-backed credit facilities maturing in 2006.
"These facilities will have to be refinanced in the capital markets if they are not renewed by the existing lenders. Because of our debt ratings, operating performance over the past few years and other factors, access to such markets cannot be assured," the Akron, Ohio tire maker told the SEC.
Goodyear added its access to capital markets will be closely tied to the company's success at turning around its North American operations.
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