Glass container manufacturer Anchor Glass Corp. expects capital expenditures of about USD 17 million for the rest of 2002 and USD 57 million for 2003.
In its quarterly report filed last Thursday with…
Glass container manufacturer Anchor Glass Corp. expects capital expenditures of about USD 17 million for the rest of 2002 and USD 57 million for 2003. In its quarterly report filed last Thursday with the Securities and Exchange Commission, Anchor Glass said operating needs are highest in the spring, when working capital borrowings are significantly up on other times of the year. Anchor Glass came out of bankruptcy at the end of August 2002. For the rest of 2002, the company is required to make a payment of USD 2.5 million under an agreement with the Pension Benefit Guaranty Corp. and must make payments of USD 10 million in 2003, the filing said. The company“s main sources of liquidity in 2002 are expected to be funds derived from operations and borrowings under the revolving credit facility.