The corporation has been granted a 15 day extension.
Simon Goddard, Derby’s Nottingham-based vice-president and corporate controller the person who signs off the accounts and files them to the SEC told bikebiz.co.uk that the financials would be be filed within the 15 day extension period and not right at the end of it.
Today’s late SEC filing request was blamed on management changes. Whilst the full results are not yet public knowledge the headline losses are. Derby’s SEC filing says: "The net loss for the fiscal year ended December 31, 2000 will be approximately $51 million compared to a net loss of approximately $5 million for the fiscal year ended December 31, 1999."
(Derby year end results will be poor
Raleigh staff have been warned that the results wont make for pretty reading. However, theres a silver lining, Derby is so heavily in debt its widely expected that the group will be split up and Raleigh freed of Derbys debt millstone).
(Derby is to be deleveraged; Raleigh UK will have cash to move forward
The shareholders and bondholders will lose out in the forthcoming restructuring of the Derby Cycle Corporation, but the senior lenders and worldwide creditors will all be paid. The deleveraging will mean local operating companies such as Raleigh in Nottingham will be able to move forward free of Derbys debt mountain)