KLAMATH FALLS, OR -- Window and door manufacturer Jeld-Wen faces potential bankruptcy.
According to published reports the company failed to raise $575 million in August during a difficult bond market caused by the debt-ceiling debate and the European debt crises. Looming loan payments in Oct. may force Oregon’s largest private company into default.
Hampered by the struggling housing market, Jeld-Wen had been looking at alternatives to help it survive the economic downturn. In Aug. Onex Corp., a Canadian private equity firm, announced that it would take a majority stake in the company, but according to the The Oregonian that deal was contingent on Jeld-Wen “selling $575 million in bonds” as part of the rescue plan. The company’s survival is now dependent on whether it can receive loan extensions from lenders or whether it can re-enter the bond market to raise capital, the paper notes.
Headquartered in Klamath Falls, OR, Jeld-Wen employs more than 20,000 workers worldwide, including 2,500 in OR. It was co-founded in 1960 by Richard “Dick” Wendt, who died last year following a stroke.
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