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Tyco tries to tackle $3.6bn funding gap.
(From FT Investor (Stories))
Tyco International, the troubled industrial conglomerate, is facing a $3.6bn funding gap at the end of 2003, more than double the amount originally forecast.
Tyco executives disclosed the shortfall during a conference call with analysts on Tuesday, and said they were confident they could work with banks to refinance obligations and close the gap.
Nonetheless, they acknowledged the cash crunch was likely to ratchet up pressure to cut capital spending and part with some of the far-flung business units Tyco strung together in a frenzy of mergers over the past five years.
The analyst call came a day after Tyco released a report conducted by outside lawyers. It concluded the company used aggressive accounting methods to boost results in recent years, but that the problems were not "material" to overall profits.
Tyco's shares plunged last year amid concerns about its accounting. Dennis Kozlowski, former chief executive, and Mark Swartz, former chief financial officer, were charged with stealing more than $600m from the company through a series of questionable stock sales and compensation schemes. Both have pleaded not guilty.
In his report, attorney David Boies pointed to numerous instances where ...
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