Fairholme's discussions with AmeriCredit include board representation

By Lisa Kerner

Charlotte, N.C., Nov. 6 - Investor Fairholme Capital Management, LLC is in discussions with AmeriCredit Corp.'s management regarding several issues, according to a schedule 13D filed with the Securities and Exchange Commission.

Fairholme, with a 19.6% stake in AmeriCredit, said it has discussed with the company:

• The exchange of some debt securities of AmeriCredit held by Fairholme for additional shares;

• The acquisition by Fairholme of asset-backed securities of AmeriCredit or its affiliate offered in a future securitization transaction; and

• An agreement under which Fairholme will refrain from taking certain actions with respect to AmeriCredit for a specified period and will acquire one seat on AmeriCredit's board of directors.

In addition, Fairholme reserved the right to consult with management and other AmeriCredit shareholders to evaluate the business prospects of the company as well as AmeriCredit's present and future intentions, the filing said.

AmeriCredit is a Fort Worth-based auto finance company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.