Skip to main content

Goodyear

(GT) - Get Goodyear Tire & Rubber Company Report

shares skidded 12% Thursday after the company said it had identified accounting issues.

The company said that finding these "possible improper accounting issues in Europe" would delay the filing of its amended annual report with regulators, and that the delay in the filing could keep it from raising money in a timely fashion. Goodyear said it has "an obligation to the United Steelworkers of America to raise $250 million in debt and $75 million in equity-linked financing by year-end."

TheStreet Recommends

The Akron, Ohio, company added that the USWA has the right to strike if the financing isn't completed by the end of the year, although the sides are in talks over avoiding that.

Early Thursday, Goodyear shares slid 87 cents to $6.49.