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In 1999, the technology company experienced dramatic increases in its receivable accounts, which were growing at 41%, while sales grew at just 20%.
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Sara Lee, which is based in Chicago, has entered into agreements allowing it to shift its receivables to a third party, the company said in a filing with the Securities and Exchange Commission.
Hempton pointed to the disparities between Autonomy's sales ($870m { $545m for the whole of 2010), its "receivables" (money that it is owed) and its "deferred revenue" (money that will be paid in the future).
In a conference call with journalists on Thursday, a Gazprom executive said that if the company could not settle its receivables by Monday it would halt the flow of about a quarter of the gas supplied to Ukraine, a largely rural former Soviet republic of about 46 million people.
Investors needed to dig to learn that two thirds of the increase came from transfers Philips made from its receivables reserves ($105 million) and because it got $438 million from its employee pension fund.
Investors needed to dig to learn that two-thirds of the increase came via transfers Philips made from its receivables reserves ($105 million) and because it got $438 million from its employee pension fund.
It offered to swap only 900 billion won of its receivables for equity.
Providian argues that it has securitized (that is, sold off to bondholders) enough of its receivables that its current reserves are appropriate.
Lucent has sold some of its receivables and hopes to sell more, reducing some of the risk.
Elizabeth Arden's credit facility, of which about $90 million is available, is secured by its receivables and inventory.
The rest of the financing is expected to draw on the company's existing cash and the sale of its receivables.
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