Publication Date:
Wed, 2011-09-07 10:49
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Window and door manufacturer Jeld-Wen is reportedly in danger of defaulting on more than half a billion dollars in debt if its financial situation does not improve in the next few weeks.
The Oregonian has reported [1]that the company has until October 17 to address its violation of loan terms with a group of banks including Bank of America and Wells Fargo. A spokeswoman for the Klamath Falls, Ore.-based company told the Herald & News [2], a local paper, that the company is "not facing bankruptcy" and "has more than adequate cash and liquidity to conduct business as usual."
The company is said to have more than $1.2 billion in total debt. Jeld-Wen has been in discussions for months with Canadian investment firm Onex Corp., which is set to invest $864 million in the company.
