Everest & Jennings Expects 3rd-Quarter Loss

Everest & Jennings International Ltd., a struggling wheelchair maker based in Camarillo, said it would report a “substantial” third quarter loss because of restructuring charges that include a provision for losses on the expected sale of its Camarillo facility.

It also said it reached an agreement in principle with its primary domestic lender, Security Pacific, to extend its current financing agreement. The new agreement provides financing for the company through June 30, 1992, Everest & Jennings said.

Negotiations with the company’s principal shareholder, Industrial Equity Pacific Ltd. (IEP), concerning Everest & Jennings’ secured and unsecured debt are continuing, the company said. Industrial Equity, which is controlled by New Zealand investor Ronald Brierley, owns 51% of Everest & Jennings’ Class B stock. Brierley’s firm previously said payments on $14 million in loans it made to Everest & Jennings were overdue, but that it was considering buying more stock in the company or swapping some of the debt for stock.

Meanwhile, Everest & Jennings said Robert C. Sherburne has been elected chairman. Sherburne has been on Everest & Jennings’ board of directors since 1982. He replaces Robert G. Sutherland, who resigned in October to avoid conflicts of interest in the negotiations between Everest & Jennings and IEP. Sutherland is head of IEP’s North American operations.