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Wabash National Prepares For "Record Low" Manufacturing Levels
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Saying the truck trailer industry will likely "witness significant, historic, record-low manufacturing levels in 2009," Wabash National Corp. (NYSE: WNC) says can no longer provide firm return to work dates for nearly 800 laid off employees. In a letter to the state, President and Chief Executive Officer Dick Giromini says the Lafayette-based company is in default of its bank agreement and independent auditors have raised substantial doubt about its ability to continue as a going concern.
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Word of the strong possibility of more permanent job reductions at Wabash National comes as the company announced a deal to give it time to work on its finances.
The bank group has agreed not to accelerate maturity on a line of credit though May 29.
The company has taken several steps in the past few months to deal with its financial situation.
They include the elimination of 180 salaried positions, a 10 percent pay cut for remaining employees on salary and executives.
The layoff of nearly 800 production workers started in December.
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For other stories or to put your two cents in on industry issues, check out our Trucking Blog.
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