Navistar on schedule for financial restatements

CHICAGO — Navistar International says it expects to file its fiscal 2005 with the Securities and Exchange Commission in the next few months.

The 2005 Form 10-K will have related financial information for fiscal years 2003 through the first three quarters of 2005. Information for 2006 and fiscal year ending Oct. 31,2007, should be ready early next year.

The New York Stock Exchange suspended trading of Navistar stock after it missed a deadline for issuing restated financial reports. Navistar stock is traded on Pink Sheets over-the-counter service under the symbol NAVZ.

Executive Vice President and CFO Bill Caton said they used more than 200 outside consultants over the last 12 months to help with the restatement process. Navistar has restructured its finance and accounting operations and continues to invest in control environment improvements to assure “timely and accurate financial filings going forward,” he said.

The parent of International Truck & Engine has been at the center of much industry speculation recently.

Not only is it entangled in a bitter dispute with Ford over its supply of engines to the carmaker’s F-series pickups, but it is also been sited as the North American truck supplier being looked at by European companies like MAN and Italian-based Iveco for a takeover or merger.

GM is also said to be mulling the sales of its medium-duty business operation to Navistar, in which case industry insiders say could replace the Ford partnership.

— with files from Heavy Duty Trucking