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Gehl gets a change to refinance

A 75-day reprieve for Gehl. The Wisconsin equipment maker found itself in a bit of a financial jam when the lenders whichfinanced the sale to Manitou last fall called-in part of the debt at the end of March. Manitou said if they could not rearrange financing, Gehl might be forced into Chapter 11 bankruptcy protection.

Late last week Gehl reached an agreement with the lenders to extend the$117 million repayment for 75 days giving the company time to renegotiate financing with a goal of converting the debt from revolving credit to long-term secured financing.

The French company purchased Gehl last October for $450 million.