Gehl in Technical Default; Manitou Negotiating with Bankers

The recession is still beating up local manufacturer Gehl. The company is in technical default, meaning they're making their payments but are out of compliance with some aspect of their debt contracts. Parent company Manitou, still shaking its head over its really bad timing in acquiring Gehl just in time for the recession, is negotiating with Gehl's banking syndicate. (More details here.)