Goodyear gets waiver extension, new financing

AKRON (March 5)—Goodyear has been granted a one-month extension by lenders to comply with some covenants in the firm's syndicated loan agreements. Goodyear's waivers had been set to expire March 7, but were extended until April 4, a spokesman said. Goodyear is working with JPMorgan, the lead bank, to restructure, refinance and extend some loan agreements into 2005. Under the waivers, the company will keep its access to revolving credit loans. In addition, the spokesman said Goodyear has received a commitment from JPMorgan and Citigroup to underwrite a new three-year, $1.3 billion asset-based credit facility that will take effect once the waiver amendments have been finalized.