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Old 06-25-2012, 03:20 PM   #1
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CNBC Circulates Navistar Bankruptcy Rumor

RV Daily Report
By Greg Gerber @ 6:01 AM

LISLE, Ill. -- Despite the fact that two big-name investors assumed control of more than 25 percent of Navistar stock last week, at least one credit analyst believes that a number of red flags involving the company makes bankruptcy an "increasingly credible risk for Navistar," CNBC reported.

Gimme Credit analyst Vicki Bryan suspects that investors Mark Rachesky, of MHS Fund Management, and Carl Ichan are betting that Navistar eventually approval from the Environmental Protection Agency for the company's exhaust gas recirculation, or ďEGRĒ technology for diesel engines that Navistar has, in effect, bet the ranch on, CNBC noted.

The EPA has yet to certify Navistar's EGR engine. Consequently, the company is relying upon emissions reduction credits earned for environmentally friendly actions it took from 2007 to 2009. However, CNBC noted those credits will run out at the end of the year. Although EPA earlier agreed to a let Navistar continue by paying a $1,900 fine per engine sold, Navistar competitors sued EPA, and a federal judge ruled last week against the EPA's stop-gap measure.

According to CNBC, EPA noted that if Navistar didnít catch a break on compliance, the company could lose up to $3 billion in revenue and nearly 4,000 employees would be laid off.

To read the full story at CNBC, click here.

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Old 06-25-2012, 05:38 PM   #2
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This not a big surprise....
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