Navistar to take $40-$60 mln restructuring charge
Aug 30 (Reuters) - Embattled truck and engine maker Navistar International Corp said it expected to incur a charge of between $40 million and $60 million in the fourth quarter related to its recent workforce reduction program.
The company, which is struggling to win U.S. regulatory approval for a new generation of diesel engine, earlier this month said it was planning to cut jobs through a voluntary separation program.
In a separate statement, Navistar International's financial unit said it would renew and increase its largest dealer inventory funding facility to $750 million.
"The increase allows us greater flexibility in funding wholesale assets," Navistar Financial Corp's Chief Financial Officer Bill McMenamin said in a statement.
The one-year renewal includes an increase of $250 million in anticipation of the maturity of a $350 million debt issuance in October.
The facility is funded through three of Navistar Financial's major relationship banks, the company said.
Shares of Navistar International closed at $21.47 on Thursday on the New York Stock Exchange.
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