Energy Industry
Industry: Email Alert RSS FeedDRESSER TO RE-AUDIT 2001 FINANCIAL STATEMENTS, DELAYS FILING OF 2002 ANNUAL REPORT
Hart's Petroleum Finance Week, March, 2003
Dresser Inc. has decided to have its 2001 financial statements re- audited after determining that an accounting error was made with respect to its pension and other retiree benefits. PricewaterhouseCoopers will perform the new audit. The previous audit was done by Arthur Andersen.
As a result, the company will be late in filing its annual report with the Securities and Exchange Commission, and it will miss its deadline for providing 2002 audited financial statements to its lenders under its senior credit facility and to the holders of its 9 3/8 percent senior subordinated notes due 2011.
Dresser is seeking a waiver from its senior lenders concerning the missed deadline and any default relating to its prior delivery of its 2001 financial statements. Separately,...
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