Window and door manufacturer Jeld-Wen is reportedly in danger of defaulting on more than half a billion dollars in debt if its financial situation does not improve in the next few weeks.
The Oregonian has reported that the company has until October 17 to address its violation of loan terms with a group of banks including Bank of America and Wells Fargo. A spokeswoman for the Klamath Falls, Ore.-based company told the Herald & News, a local paper, that the company is "not facing bankruptcy" and "has more than adequate cash and liquidity to conduct business as usual."
The company is said to have more than $1.2 billion in total debt. Jeld-Wen has been in discussions for months with Canadian investment firm Onex Corp., which is set to invest $864 million in the company.