Business Services Industry
Troubled Equipment Maker CNH Global Plans Reverse Stock Split.
Knight Ridder/Tribune Business News, March, 2003
By Thomas Content, Milwaukee Journal Sentinel Knight Ridder/Tribune Business News
Mar. 6--Cash poor and beset by a withering stock price, CNH Global NV announced a plan Wednesday to eliminate $2 billion in debt and effect a 1-for-5 reverse stock split sometime next month.
The maker of construction and farm equipment will eliminate the debt by issuing convertible securities to an affiliate of Fiat SpA, the Italian auto conglomerate that holds an 85 percent stake in CNH. Those securities could be converted to CNH shares if those shares reach $24 per share any time before Dec. 31, 2006.
The recapitalization plan was announced after the market close on Wednesday and therefore had no impact on the 10-cent decline of CNH shares to a new low...
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