Wabash National Corp (WNC) reduced indebtedness $100 million during 2002 while reaching $75 million in liquidity (cash on hand and availability under existing credit facilities) as of Dec 31, 2002, compared with approximately $24 million in liquidity at the end of 2001.
Commenting on these developments, Mark R Holden, senior vice-president and chief financial officer, said, “We are pleased with the progress we made during 2002 toward improving the financial condition of the company. Efforts to strengthen our financial condition and reduce the indebtedness of the company as quickly as possible continue, including improving operating results, reducing working capital requirements, and divesting of non-core assets. We anticipate successfully completing the divestiture of a significant portion of our rental and leasing operation during the next 30 days. All proceeds received will be used to pay down debt.
“Efforts to divest other non-core assets continue on schedule. In addition, discussions with our lenders to amend our credit facilities to approve the sale of our rental and leasing operation and to adjust our covenants continue and are expected to be completed within the next 30-45 days. We remain focused on improving the financial strength of the company. We believe another $150-$175 million reduction in indebtedness during 2003 is possible through the efforts being pursued.”