Saturday, May 26, 2018
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Tecumseh Products promises annual report

TECUMSEH, Mich. Tecumseh Products Co., which makes small engines and compressors for air conditioners, said last evening that it will disclose its 2006 financial performance tomorrow and that its stock could be removed from Nasdaq.

The company, which has been at the center of a battle for control, has repeatedly delayed release of its financials. It also has amended its domestic loan agreements in part because of bankruptcy-like action it took on some operations in Brazil.

The firm said it hopes the lending syndicate used by its lenders approves the amendments. It said the failure to report is financial picture in a timely manner resulted in another letter from Nasdaq saying it would remove Tecumseh stock. But the firm has appealed that, which will allow the stock to remain listed. The warning was the third in about six months.

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