CHICAGO -(Dow Jones)- Navistar International Corp. (NAVZ) Chief Executive Daniel Ustian said he is aiming to have the company's financial restatements completed by mid-year, which would clear the way for the company to be re-listed on the New York Stock Exchange.
"We are close to getting our 2006 reports done and we expect 2007 and 2008 to come after that," Ustian said at the Chicago Auto Show Thursday.
Navistar stock was suspended from trading on the NYSE last year after the company delayed filing audited financials since 2005 because of a dispute with the company's auditors, which were replaced.
Meantime, Ustian said litigation continues with Ford Motor Co. (F) over an engine dispute. The company has continued supplying Ford.
Navistar sued Ford in June seeking hundreds of millions of dollars, alleging the auto maker breached a diesel engine contract. Navistar said Ford can't develop its 4.4-liter diesel engine - which Navistar said was designed by its International Truck and Engine Corp. - without violating its pact with the company.
Ford's North America President Mark Fields said recently the two companies continue to negotiate but he declined to elaborate.
Navistar is Ford's biggest supplier of engines for use in its pickup trucks. Bear Stearns analyst Peter Nesvold has said Ford and Navistar are "tied at the hip," and said it would be impossible for Ford to quickly swap out the engine for one made by another company.
Ford and Navistar have been trading lawsuits for more than a year. In January 2007, Ford sued Navistar over pricing and accused the company of not complying with warranty-contract obligations. A month later, Navistar said it would suspend production of engines for Ford's F-Series Super Duty pickup truck because the auto maker wasn't paying Navistar according to contract terms. Ford sued to force Navistar to continue shipments before reaching an interim agreement.
Navistar shares, which trade on the pink sheets electronic market, were down 0.3% at $49.40 recently.