Sunbeam discussing waiver of covenants on large bank loans

Article Abstract:

Sunbeam Corp. was engaged in talks with bankers over a possible waiver of covenants for loans worth $1.7 billion. Morgan Stanley Dean Witter & Co., First Union Corp., and BankAmerica Corp., were the underwriters of the loans. The loans were part of SunbeamEs overall debt restructuring. The restructuring was completed in March 1998 and was done in connection with SunbeamEs purchase of three other companies.

Comment:

Engaged in talks with bankers over a possible waiver of covenants for loans worth $1.7 billion

Financial management, Company Planning/Goals, Electric Housewares and Household Fan Manufacturing, Electric Housewares & Fans, Small appliances, Article

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Sunbeam slashes its 1997 earnings in restatement

Article Abstract:

As part of Sunbeam Corp.'s restatement of finances for the last six quarters, the company has amended 1997's earnings, reducing them by 65%. Al Dunlap, ousted president last June, claims that the restatement is largely "technical accounting issues." 1997 restated net income was adjusted from $109.4 million to $38.3 million; losses were adjusted from $44.6 million to $54.1 million.

Sales, profits & dividends, Household Appliances, Household Appliance Manufacturing, Finance, Abstract, Home appliances industry, Appliance industry, Appliances, SOC

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