Condere must pay $11.8 million bond for stay in CIT case

JACKSON, Miss. (April 26)—A Mississippi federal court said it will grant a stay on a previous order that Condere Corp. must give up curing presses at its Natchez, Miss., tire plant only if the company submits an $11.8 million bond by May 8. Condere, whose assets were purchased by Titan International Inc. in 1998, appealed a February ruling by the court that it must return 11 presses it leased in 1993 from New Jersey-based CIT Group/Equipment Financing Inc. The stay would allow Condere to keep the equipment while the appeal takes place. Sources for both Condere and CIT said the requirement of a bond as security in such cases is commonplace.