Window and Door Maker Jeld-Wen Deny Bankruptcy

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Window and door manufacturer Jeld-Wen has denied the company is in financial distress and is about to file for bankruptcy. Market talk has it that the company is trying in vain to find buyers for $575 million worth of bonds and are about to default on their debts. Such rumors have been heightened by the announcement that Onex Corporation, an asset management company based in Canada would be buying a controlling stake into Klamath Falls-based Jeld-Wen.

On August 1, Jeld-Wen made the announcement about Onex buying over 58% equity in the company. Since then, the CEO and CFO of Jeld-Wen, Rod Wendt and Neil Stuart have gone to major US cities looking for bond buyers. But in a seeming turnaround, on September 6 the company announced it was waiting until market conditions improved before proceeding with the deal with Onex. That sparked further speculation that the bond sale did not materialize and that Jeld-Wen is heading into the red. A key negotiating point with Onex is the sale of the $575 million bonds. The Oregonian newspaper, in its online edition September 2 said that “a takeover by Onex Corp., a Canadian private equity firm, appears in jeopardy,” and that “a bankruptcy by Jeld-Wen would be a stunning turn for the family-controlled company built by Dick Wendt.”

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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