Reuters reports this morning that Dutch retailer Ahold managed to meet its June 30 deadline for filing audited results of its Stop & Shop unit over to its bankers, though it has not yet revealed those results to investors.
Ahold's "forensic accounting probes" into the remainder of its US operation will be filed within days, according to the company.
The company has to have all of its results filed with its bankers by mid-August in order to be able to access its credit line. It has said it will publish the results of the internal audit in September.
Ahold has endured a rash of resignations, both in the US and Europe, in the wake of revelations that it had overstated profits by more than $880 million during a two-year period. It share price has dropped by almost two-thirds during the past year, and it has debt in excess of $12 billion (US).
Ahold's "forensic accounting probes" into the remainder of its US operation will be filed within days, according to the company.
The company has to have all of its results filed with its bankers by mid-August in order to be able to access its credit line. It has said it will publish the results of the internal audit in September.
Ahold has endured a rash of resignations, both in the US and Europe, in the wake of revelations that it had overstated profits by more than $880 million during a two-year period. It share price has dropped by almost two-thirds during the past year, and it has debt in excess of $12 billion (US).
- KC's View:
- It's hard not to feel that there is a shoe hanging out there, just waiting to drop, in which there will be more bad news from Ahold. Closure does not seem to be on the immediate horizon…and closure on these issues is what this company desperately needs.
