Goodyear making fiscal restructuring

Goodyear has announced that it intends to commence a syndication being arranged by JPMorgan and Citigroup for the addition of a new 300 million US dollar term loan to its existing 1.3 billion US dollar asset-based credit facility. In addition, Goodyear announced that it intends to commence discussions with the lenders under its senior secured credit facilities to amend those facilities to allow for future capital markets transactions.

Those transactions may involve the granting of junior liens on some collateral securing the company’s senior secured U.S. credit facilities.

“These actions enhance our near-term liquidity and position us to access the capital markets as we gain traction in our turnaround plan during 2004,” said Goodyear Chairman and Chief Executive Officer Robert J. Keegan. “I have a high level of confidence in our strategy and in the execution of our plan as we move forward.