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Wednesday, September 7, 2011

Jeld-Wen: "We're not broke"

The company is widely reported to have breached its primary loan agreement -- violating two debt ratio covenants -- but today it insists that it isn't on the verge of bankruptcy. Heck, even the spendthrift City of Portland is in better shape than that.

Comments (11)

I read the O's article about this - but how does a company with 3.1 Billion in sales (down from 3.6 billion the year before) rack up 1.2 Billion in debt? I know JW was buying up a lot of businesses and property, at least some of which they've had to divest, and probably at fire sale prices, and talk about mis-management . . .

Too bad, the father spent his life building this company and employing lots of Oregonians.

Looks like the kid (born on 3rd base and thinks he a home run hitter) and Saxton will preside over the rapid demise of this company.

Of course it's claiming that it's in great shape. The same way Borders management claimed the chain was in great shape up until the moment it started liquidating stores. I suspect that the claim today is to give Jeld-Wen management a few more days to steal everything that isn't nailed down, as well as shred a few more documents, before the true damage becomes apparent.

"how does a company with 3.1 Billion in sales (down from 3.6 billion the year before) rack up 1.2 Billion in debt?"

Shark investor borrows $1.2B to buy JeldWen and pledges JeldWen's assets as collateral.

Don't let the window hit you on the way out..

Coming soon: BoJack Field, Home of the Timbers.

RJBob Wins the round!

...its just a flesh wound."

borrows $1.2B to buy JeldWen and pledge JeldWen's assets as collateral.


Stefan...my thoughts, exactly!

Steve...I almost blew coffee out my nose!!!
Too funny! Thanks for the laugh.

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