Goodyear Tire & Rubber Co. plans to draw $600 million from its existing United States revolving credit facility due to a temporary delay in its ability to access $360 million of cash invested with the Reserve Primary Fund.
The funds will be used to "support seasonal working capital needs and to enhance the company's cash liquidity position," say Goodyear officials.
"The Reserve Primary Fund, a money market fund, has delayed the payment of requested redemptions pursuant to a Securities and Exchange Commission Order allowing an orderly disposition of its securities. This action was the catalyst for the company's decision to draw the facility at this time."
