Wabash to sell remaining finance portfolio
Oct 16, 2003 12:00 PM
Wabash National Corporation today announced the planned sale of substantially all of the remaining finance contracts in its finance portfolio. The estimated proceeds will be approximately $12 million, and will result in a charge of approximately $3.5 million, reflecting the company's expected loss on the sale. Wabash said all proceeds from the sale will be used to reduce the company's outstanding indebtedness. "Consistent with our focus on the sale of non-core assets, the remains of the company's finance portfolio, which was built during the 1990s, are no longer core to our operations," said Mark R. Holden, Senior Vice President and Chief Financial Officer. "The company's focus on the manufacturing and selling of new trailers is centered on maximizing earnings and cash flow. Therefore we have pursued opportunities to monetize these assets and further strengthen our balance sheet."
