Goodyear (GT) Soars 7.85 as Restructuring to Slash $2.2-Billion Debt

Core Insights - The Goodyear Tire & Rubber Company (NASDAQ:GT) has seen a significant increase in share prices, rising by 7.84% to close at $7.43, driven by positive investor sentiment regarding restructuring efforts aimed at reducing debt by up to $2.2 billion [1][3] - The company aims to achieve $1.5 billion in annualized run-rate benefits by year-end, having already delivered $185 million in the third quarter [2] - Goodyear completed a $650 million sale of its chemical business, part of a broader strategy that included divesting its OTR tire business and the Dunlop brand earlier in the year [3] Financial Performance - Goodyear reported a substantial net loss of $2.197 billion in the third quarter, a significant increase from a net loss of $36 million in the same period last year, indicating a 6,000% expansion in losses [4] - Net sales decreased by 4% year-on-year, falling to $4.6 billion from $4.8 billion [4]