Jarden sees no â€œmaterial exposureâ€ to Lehman, AIG
Jarden Corp., the Rye-based household products manufacturer, said that it has taken steps to alleviate any potential impact from the worsening credit crunch and the collapse of investment banking giant Lehman Brothers.
Lehman provides less than 10 percent of the financing under Jardenâ€™s revolving credit agreement. But hours after Lehman announced the largest bankruptcy reorganization in U.S. history, Jarden announced that it plans to replace Lehman as administrative agent on the credit agreement.
â€œOur early action and contingency planning is designed to protect our businesses from the impact of macro events such as the recent developments in the financial services sector,â€ Martin E. Franklin, chairman and chief executive officer of Jarden, said in a written statement.
Jarden said it also has reviewed the coverage provided by troubled insurer AIG â€œto confirm it has no material financial exposures at this level.â€