Deals
Carlyle's Sequa Said to Burn Through 44% of Cash; Loans Plunge
- Aerospace parts repairer has about $45 million of cash left
- Ebitda plunges 26.5% to $38.9 million in second quarter
Sequa Burns Through Nearly Half Its Cash
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Sequa Corp., an aerospace parts servicer controlled by Carlyle Group LP, burned through nearly half of its cash in the second quarter as earnings tumbled and a recently acquired unit ran into trouble, according to three people with knowledge of the company’s performance.
The company, which doesn’t publicly disclose its financials, told holders of its nearly $1.9 billion of debt last week that it used up nearly $36 million of its cash and had just under $45 million left on June 30, said the people, who asked not to be identified discussing the private report.