AmeriCredit Delays 4Q, May Restate Prior Results

Rieker, Matthias
August 2003
American Banker;8/8/2003, Vol. 168 Issue 152, p1
Trade Publication
AmeriCredit Corp.'s earnings-report postponement on Wednesday caused some investors to show some resentment from the stock when the market reopened Thursday. The auditor, PricewaterhouseCoopers LLP, had raised doubts last week about the $7.5 billion-asset lender's method of accounting for certain interest rates that were used to minimize the interest rate risk of its loan securitizations. AmeriCredit cut its work force by 20% and its branch network by 60% in February, and in April it fired its chief executive officer and its chief operating officer.


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