Central Parking seeks loan amendment to allow for stock tender offer

By Sara Rosenberg

New York, Aug. 4 - Central Parking Corp. is looking to amend its credit facility to allow for its proposed modified Dutch auction tender offer to purchase up to approximately 12% of its common stock, according to a company news release.

The company plans to use borrowings under the credit facility along with cash proceeds from property sales to fund the share purchase.

In addition, the company also announced Thursday that it is working on a new strategic plan to streamline operations and focus on core competencies and key markets with the greatest potential for growing profits.

Lastly, the company announced some management changes, including that Emanuel Eads has been named president and chief executive officer. Eads was previously president and chief operating officer. Monroe Carell, chairman and chief executive officer, will become executive chairman of the board of directors. And two of the company's senior vice presidents, Alan Kahn and Gregory Stormberg, have been promoted to the newly created position of executive vice president, reporting to Eads.

Central Parking is a Nashville, Tenn.-based provider of parking and transportation management services.

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