AKRON (April 19, 2004) — Goodyear said its lenders have approved an extension until May 19 on the tire maker's deadline for filing its 2003 10-K annual results.
The deadline had been April 19, but Goodyear said last week it had finished its investigation into improper accounting practices in its overseas operations and would complete the 2003 and amended 2002 annual reports by mid-May. The extension was needed from the lenders so Goodyear would have access to the credit facilities even though the company said it did not anticipate needing them in the month period.
Goodyear said today the delay until May 19 will not prevent it from accessing credit facilities or obtaining letters of credit though it said again it does not expect to need the facilities before May 19.
Goodyear said last week if it doesn't file its financials by May 19, the Akron-based company could be in default under the loan agreements and thereafter under other debt instruments.