Possible 'improper accounting issues in Europe' will delay Goodyear SEC filing

Dec. 11, 2003

Goodyear has postponed the filing of its amended 2002 Form 10-K/A with the United States Securities and Exchange Commission until next year due to an internal investigation that "has identified possible improper accounting issues in Europe," according to Goodyear officials.

Goodyear will not file "until it completes the review into those issues."

The delay could impact Goodyear's ability to satisfy an obligation with the United Steelworkers of America (USWA) to raise $250 million in debt and $75 million in equity-linked financing by the end of 2003.

Goodyear's three-month-old labor contract with the USWA gives Steelworkers the right -- "but not the obligation," say company officials -- to strike after going through a grievance process if the Akron, Ohio-based tiremaker does not complete the aforementioned financings by the end of the year.

"The company initiated discussions with the Steelworkers today to explore mutually beneficial options that would include aggressively pursuing financing options, including capital market access, once the amended 2002 Form 10-K/A is filed," say Goodyear officials.