Goodyear Tire & Rubber
The US corporate showed how the secured lending market can provide liquidity when the high-yield market will not
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Damon Audia, |
GOODYEAR TIRE & RUBBER was in a lot of trouble in late 2003. The global tyre manufacturer had been downgraded to junk, its US operating business was struggling, it had a lot of debt maturities coming due, presenting short-term liquidity issues, and pension liabilities weighed heavily. Furthermore, all the company’s debt was sitting in North America when it’s operations are worldwide.
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