Goodyear enters next stage of debt restructuring

ERJ staff report (DS)

Akron, Ohio -- The Goodyear Tire & Rubber Company has called all of its outstanding senior notes due in 2011 and 2015 for redemption on September 29, 2010. Goodyear intends to use net proceeds from its recent $1 billion issuance of 8.25 percent senior notes due 2020 to fund these redemptions.

The notes called for redemption are $388 million in principal amount of 7.857 percent senior notes due August 15, 2011, $325 million in principal amount of 8.625 percent senior notes due December 1, 2011, and $260 million in principal amount of 9 percent senior notes due July 1, 2015.

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Press release from Goodyear