Gehl Gets More Time To Renegotiate Loan Terms

Gehl Co. has reached an agreement with its lenders that will buy time to reach new credit terms, the West Bend construction-equipment manufacturer said.

On March 31, Gehl’s bankers demanded early repayment of some $117 million in financing because Gehl had violated conditions of its loan agreement. That demand was rescinded. Gehl will continue to have access to credit and gets 75 days to renegotiate loan terms.

Gehl said it has used cash generated by operations to repay part of its debt and expects to pay it down further in 2009.