"The company is in ongoing negotiations over interim financing and it plans to reorganize a substantial part of its debt to ensure that it can meet its current and long-term obligations," A-V said in a published statement.

"As indicated before, new financing is expected to significantly reduce the risks associated with the current level of debt but may include steps which will be dilutive to shareholders," the statement continued.

As of Sept. 30, 2007, A-Vs debt reached $869.6 million, up some $50 million from the second quarter. Most of the company’s debt load comes from loans to facilitate past acquisitions.

Amtel also adjusted its full-year 2007 projections, and now says sales will come in at $980 million for the year, down from its previously stated $1 billion in sales. (Tire Review/Akron)