AKRON (Feb. 28, 2003)—Goodyear disputes assertions made by a University of Akron emeritus professor that the tire maker will inevitably file for Chapter 11 bankruptcy protection.
Dr. Dennis Byrne, a UA professor emeritus of economics, said at the Clemson University Tire Industry Conference in Hilton Head, S.C., that he doesn't believe the Akron tire maker will be able to escape its current financial problems without filing for bankruptcy.
“I see very little reason for optimism,” he said. “I think they will go belly-up.”
But in a statement, Goodyear said Dr. Byrne's assertions are off the mark.
“While he may be located in Akron, he has no particular insight based on access to the company and all of its current and planned actions,” the statement said. “And he clearly seems to have no awareness of, or has chosen to ignore, the many actions the company has taken and is taking to deal with its challenges.”
The statement also recalled a four-point recovery plan the company unveiled and discussed at its annual dealer meeting held in February.
“We are implementing a plan to turn the business around and are feeling confident that we'll emerge as a stronger competitor and as a better supplier to our customers,” the statement said.