Goodyear draws nearly $1 billion in credit during strike

Akron, Ohio – Goodyear borrowed nearly $1000 million under an existing credit facility to improve its cash position during the United Steelworkers´ strike against 16 plants in the US and Canada, the tyre maker said.

Goodyear borrowed $300 million on Oct. 5-the day the strike began-and another $675 million on 13 Oct. Both were under Goodyear´s $1500 million US First Lien Credit Facility, which is now almost fully drawn considering its $500 million deposit-funded facility, Goodyear added.

“Before the start of the United Steelworkers’ strike in North…

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