Compiled from staff and wire reports
Goodyear winslender reprieve
Akron, Ohio-based Goodyear Tire & Rubber Co. said Wednesday that its lenders have agreed to more time for the company to meet certain requirements including net worth and pension contributions.
Goodyear said it received a commitment for a new, three-year $1.3 billion credit line and an extension of loan waivers from a Friday deadline to April 4.
Goodyear shares rose 29 cents, or 7.3 percent, to close $4.29 in trading Wednesday on the New York Stock Exchange.
The company plans to release its 2002 and fourth-quarter earnings report after completion of amendments to loan agreements and establishment of the new credit facility. The date for the earnings release remains undetermined, the company said.
Goodyear and JPMorgan, an investment bank and management firm, are working to restructure, refinance and extend certain company debt.
Nut suppliers merge operations
A Cleveland nut company founded in 1927 that supplies Jacobs Field has been merged into a suburban nut supplier.
Peterson Nut Co. is now part of King Nut Co., founded in 1937 and based in suburban Solon. Terms of the deal involving private ventures were not disclosed.
King, which is part of the Kanan Enterprises snack food company, bought the Peterson Nut brand from Kelley & Partners Inc., of Indianapolis.
King, which has about 125 employees, will continue to operate Peterson's store near Jacobs Field.
Online chat examines taxes
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