Wabash Plans To Implement 2-week Idling Of Operations, Company-wide Furlough

(RTTNews) - Wabash National Corp. (WNC), a provider of engineered solutions for the transportation, logistics and distribution industries, Thursday announced plans to implement a two-week idling of operations and company-wide furlough from April 20 to May 3 due to the coronavirus or Covid-19 pandemic.

The company noted that customer support functions will continue to operate during the furlough.

In its update on its liquidity position and cost containment measures, the company said its total liquidity as of March 31was $277 million with cash and cash equivalents of $155 million and $122 million of available borrowings under its existing revolving credit facility.

As a result of uncertainty caused by COVID-19, the company drew $45 million under its existing revolving credit facility in March 2020.

The company-wide furlough and the ongoing impact of the COVID-19 pandemic will push its first quarter 2020 earnings conference call to May 14.