Over half a billion in debt. They were straddled with it when tenneco automotive broke of on it's own. If it were not for that, they would have been swallowed up along time ago.
They also have huge operating expenses, the highest in their industry, and the layoffs they have gone through only provided temporary relief, enough to ensure executive bonuses.
In addition, I do not think the street is buying the song and dance crap from the company any longer. They want to see true improvements in operating costs and debt reduction. I am not sure the company is capable of either.
I believe you are off by one billion dollars. I don't have the last annual report in front of me right now; however, as I remember the total debt load at the time of the split that Tenneco Auto sucked down was 1.7 billion. At the end of 2000, it had been worked down to 1.5 billion. This is partly why the market cap is so low for a company with over 3 billion revenue stream. Potential buyers probably don't need to absorb that kind of debt. So either the company digs themselves out of the hole that Dana Mead and crew created for them (unlikely given the current management and market conditions) or they sink under a sea of liability.
Stock's still under $3.00. My ex-wife got all mine, bless her f***ing heart. Oh well, there is life after Tenneco. I'm living it.