Tyco Forecasts Funding Gap Jan 2, 2003

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Tyco International Ltd. Tuesday forecast a funding gap of U.S. $3.6 billion at the end of 2003 — more than double previous estimates — as the troubled conglomerate works to secure new bank financing. Tyco’s previous funding gap estimate on debt obligations due at the end of 2003 was about $1.5 billion. CEO Edward Breen said he was confident the company would strike a new financing deal with a group of banks to head off a cash crunch. Mr. Breen also backed the company’s fiscal 2003 earnings forecast of $1.50 to $1.75 per share before special items. (Reuters)

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