Thursday, February 28, 2008

Fremont also said it faces a "significant liquidity risk"

Fremont stock is tanking after hours based on big news.

From Yahoo News:

Fremont General Corp., the holding company for Fremont Investment & Loan, said Thursday because it might have to record more write-downs than it originally recorded and is considering putting itself up for sale.

Fremont also said it faces a "significant liquidity risk" and has opted to defer some payments on its junior debt, sending its shares down in late trading.

The company said in connection with ongoing reviews and as it prepared its year-end financial statements, it found it might have to record additional asset write-downs and reserves, which could require the bank to adjust its regulatory capital downward.

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