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Cash for benefits: Navistar International Inc. said Thursday it plans to sell up to $500 million of common stock in late summer or early fall to fund its post-retirement health-care benefit plan. The offering is intended to fund up to half of the Chicago-based truck and engine manufacturer’s $1 billion settlement with retirees, reached last October. Navistar and the retirees agreed to restructure its benefits plan, reducing the company’s health-care liability to $1 billion from $2.6 billion. Although the company has posted losses for the past nine quarters, “I think the market is ready to buy” the stock, Robert Lannert, executive vice president and chief financial officer, told a group of analysts in New York.
