Relevant:
- OTS rescinds capital requirement at H&R Block
- Lenders cut financing for Block mortgage unit
- H&R Block tells SEC it may need to issue more debt or equity securities
- H&R Block unlikely to comply with some sale terms
- Washington Mutual announces Memorandum of Understanding with the Office of Thrift Supervision
2007-12-13 — reuters.com
Top U.S. tax preparer H&R Block Inc said on Thursday its borrowing capacity may not be sufficient to meet its financing requirements and it may have to issue additional debt or equity.
The company, whose shares were down 3.5 percent, said in a regulatory filing that it had been "significantly and negatively impacted" by the subprime mortgage meltdown.
It said it does not expect to be in compliance with a plan for a minimum capital ratio that it set with the U.S. Office of Thrift Supervision (OTS) in July. It had previously said it expected to hit the target by April 30, 2008.
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