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Navistar's Default - USA
- Noteholders say Corp. missing deadline
WARRENVILLE, Ill.,USA -AP/Belleville News Democrat -Feb. 03, 2006: -- Truck and bus maker Navistar International Corp. said Friday that some creditors have accused it of violating financial reporting requirements by failing to file its annual report on time... Navistar said in a regulatory filing that it disputes the alllegation of default, which it said was made Jan. 25 by purported holders of more than 25 percent of its $220 million subordinated exchangeable notes...
- Navistar weaker on default allegations
NEW YORK,NY,USA -Reuters -Feb 6, 2006: -- Standard & Poor's and Fitch Ratings on Friday reiterated statements that they may cut their ratings on the company due to the delay in filing its annual report. Moody's Investors Service downgraded the company's debt deeper into junk on Friday and said it may cut the ratings further, citing the delay in filing and the bondholders' suit... Typically, failure to meet reporting requirements can result in a technical default, giving bondholders the right to demand immediate repayment of outstanding bonds after a certain grace period. This type of a default, however, does not usually trigger payments on credit default swaps...
* Navistar fuel tank maker sold to Dallas company
Springfield,OH,USA -Springfield News Sun (subscription) -7 Feb 2006: -- The parent company of Grand Rapids, Mich.-based Fuel Systems, which has a plant on East Pleasant Street in Springfield, has been sold... Chicago-based TMB Industries announced that it has completed the sale of Fuel Systems to Dallas-based Brazos Private Equity Partners... Fuel Systems, which employs about 400 and about 100 here, manufactures vehicle fuel tanks and hydraulic tanks for light-duty, medium-duty and heavy-duty truck markets... The local company serves as a supplier to International Truck and Engine...
posted by Unknown @ 10:51 AM
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