Jeld-Wen: "We're not broke" (Jack Bog's Blog)

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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.

Posted at 2:50 PM | Permalink

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 . . .

Posted by umpire | September 7, 2011 3:50 PM

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.

Posted by Steve | September 7, 2011 3:52 PM

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.

Posted by Texas Triffid Ranch | September 7, 2011 3:52 PM

"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.

Posted by Steve | September 7, 2011 3:57 PM

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

Posted by Ralph Woods | September 7, 2011 4:10 PM

Coming soon: BoJack Field, Home of the Timbers.

Posted by RJBob | September 7, 2011 4:12 PM

RJBob Wins the round!

Posted by dman | September 7, 2011 4:32 PM

...its just a flesh wound."

Posted by Stefan | September 7, 2011 6:38 PM