Question-and-Answer Session
Operator
(Operator Instructions)
Christina Kmetko
While we are waiting for listeners to have questions to press star one, let me provide you with my contact information for any additional questions you may have after the conclusion of today's call. That phone number is 440-449-9669. With that, are there any questions?
Operator
Yes, ma’am. Your first question comes from the line of [Lionel Joliwag].
Unidentified Analyst
Thank you. Just that the -- we start at NMHG I mean obviously you have done a very good job on the cash front and I saw in your guidance that you expect to generate more cash in Q4. I am just wondering I mean how much more do you left in working capital in Q4 and going into 2010?
Al Rankin
Well I would say that in large measure we expect to be pretty much at the point of having completed our working capital program by the end of the first quarter. It could be some more minor adjustments. There is one portion of working capital, which relates to the retail operations that are being divested, its working capital. But it's not really part of the capital of the wholesale business but there is a process of winding down the amount of capital tied up in those businesses, which takes a while.
So I would simply distinguish between wholesale working capital and the others. The other thing I would note with regard to your question is that and my answer to it is that when I say that the working capital will be wound down, what I really mean is that receivables and inventory will be largely wound down. I think it still remains to be seen a little bit when payables will level out, and we've seen some upturn in payables in the third quarter, and that might take until the first quarter here to have some stability.
We've been working off inventory, and obviously the flipside of that is that we're not buying inventory, and therefore our payables are low. So, in that sense there's further opportunity on the payable side.
Unidentified Analyst
I know you were in compliance with the covenants of your credit facility at NMHG this quarter, but it remains pretty tight and it forces you to basically keep a lot of cash at NMHG. I'm just wondering have you considered refinancing your credit facility.
It seems that the credit markets are yet to reopen and a lot of companies has been issuing secured notes, which would effectively take out all the covenants you may have. I mean is it something you've been looking at or you'll be looking at going into year end?
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