Cooper Tire & Rubber Co.’s partner in a Chinese plant will start entering past and current finance and operational information into company computers, Cooper Tire reported.
The Cooper Chengshan Tire joint venture plant has been withholding such information for months to sabotage the proposed sale of Cooper Tire to Apollo Tyres of India. China plant leaders also banned Cooper Tire leaders from their buildings. By withholding the plant’s financial and operational information, the Chinese plant prevented Cooper from being able to release information about Cooper’s performance in the third quarter of 2013.
Without such information, lenders would not release financing enabling Apollo to buy Cooper. A lack of a labor pact between Apollo and unionized Cooper Tire workers in the United States also prevented the sale from closing.
With the Apollo deal apparently dead, the China plant seems to be returning to normal. But Cooper is still uncertain when it will be able to report its financial information to investors and analysts.
“Cooper will monitor the data entry to assure that it is taking place properly and that it will continue without interruption,” Cooper Tire reported. “While this represents a positive step toward Cooper restoring regular financial reporting, the company continues to work with the labor union and joint venture partner to resolve open issues on a long-term basis. Therefore, at this time, it is premature for Cooper to determine when it will resume regular financial reporting.”