Goodyear Draws $600M In Revolving Credit

Law360, New York (September 25, 2008, 12:00 AM EDT) -- Goodyear Tire & Rubber Co. has announced it will draw $600 million from its revolving credit facility, citing $360 million frozen in a money market mutual fund that took a nosedive last week amid Lehman Brothers Holding Inc.'s bankruptcy.

The tire giant announced Thursday that it was resorting to a line of credit because of temporarily blocked access to cash invested in the Reserve Primary Fund, which dipped below $1 per share as investors got wind of the $785 million in debt securities the company held...
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