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Strategies & Market Trends : Joe Stocks Trader Talk

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To: Joe Stocks who started this subject	4/12/2002 11:46:47 AM
From: Joe Stocks	of 787

FWC- Credit situation should be taking a turn the next few days. I don't know which way but may be worth a trade. Here's the story with some key dates. Joe Wednesday March 27, 2:10 pm Eastern Time Foster Wheeler seeks 10-K delay amid credit talks NEW YORK, March 27 (Reuters) - Foster Wheeler Ltd. (NYSE:FWC - news), an engineering and energy equipment company, said on Wednesday it is seeking an extension from the Securities and Exchange Commission to file its Form 10-K for fiscal 2001. The Hamilton, Bermuda-based firm said it has filed for an extension to April 12, citing negotiations with its bank group to structure new, long-term credit facilities. ``By delaying the filing of our Form 10-K, we will be able to provide the market with more current information,'' said Gilles Renaud, senior vice president and chief financial officer. ``We continue to actively negotiate with our lenders and we are still optimistic about our chances of resolving these negotiations within the next few weeks.'' Foster Wheeler's waiver on its current revolving credit facility is in effect until April 15. The company has also obtained an extension of its $50 million receivables sale arrangement through April 12 and received a forbearance of the exercise of any remedies from Feb. 28 through April 15 from the required lenders under its $33 million lease financing facility.

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