DAYTON, OH/USA--On 6 January Huffy announced that it has executee commitment letters with new and current lenders for approximately US$175 million financing for an 18-month term. The loan is anticipated to close shortly. The loan sheds some light on the US bike manufacturer's financial status. Since bouncing a few checks and selling off its last US production sites, the company has been under close scrutiny.
Huffy also appointed Robert W. Lafferty as vice president-Finance, chief financial officer and treasurer, effective 3 January. Mr. Lafferty previously served as the senior vice president and CFO at Gencor Industries, Inc. He has also held a number of financial positions with Hoechst Marion Roussel, Dow Chemical and Marion Merrell Dow.
Mr. Laferty's first task will be to restructure Huffy's financing and to review the corporation's current financial organization. He will also be responsible for investor relations.
"The financing commitment and management change demonstrate Huffy's on-going commitment to continuously improve its business operations for the benefit of its shareholders, suppliers and customers," said Mr. Don R. Graber, chairman, president and CEO of Huffy.
Huffy Corporation is a leading provider of consumer and retail services and a leading supplier of bicycles and home basketball equipment. (JW)