Goodyear has said it intends to draw USD600m from its existing US revolving credit facility due to a temporary delay in its ability to access USD360m of cash currently invested with The Reserve Primary Fund.

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The funds accessed will be used to support seasonal working capital needs and to enhance the company’s cash liquidity position.


The Reserve Primary Fund, a money market fund, has delayed the payment of requested redemptions pursuant to a Securities and Exchange Commission (SEC) Order allowing an orderly disposition of its securities.


This action was the catalyst for the company’s decision to draw the facility at this time.


Goodyear says its other US cash investments remain fully accessible by the company.

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