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Business in the Burbs

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Jarden sees no “material exposure” to Lehman, AIG

September
15

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 Jarden’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.

“Our 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,” 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 “to confirm it has no material financial exposures at this level.”

This entry was posted on Monday, September 15th, 2008 at 4:34 pm by Jay Loomis. You can follow any responses to this entry through the RSS 2.0 feed.
Category: Credit

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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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