Jeld-Wen Says Onex Deal Still on TrackSeptember 8th, 2011 | Category: Industry News
Jeld-Wen has been the subject of a fury of media reports this week as an Oregon newspaper suggested that the company may be forced to file for bankruptcy. The reason: the newspaper reported that the company was unable to sell $575 million in junk bonds which is necessary in order for its deal with Onex Corp. to go through.
But in a statement released to DWM magazine, JELD-WEN director of communications Teri Cline, says “this article is based on a false premise and is extremely misleading.” Cline further states that is not facing bankruptcy, “as it has more than adequate cash and liquidity to conduct business as usual.”
Additionally, Cline says the company “has pre-marketed its bond offering, which is still in process and we have not yet attempted to price and sell our bonds.”
“JELD-WEN’s agreement with Onex is still on track, and both JELD-WEN and Onex are committed to closing the transaction as planned,” adds Cline.