The world’s largest joinery products manufacturer JELD-WEN Inc has insisted that it is solvent following US media reports suggesting it faced potential bankruptcy.

In a statement released to US media, JELD-WEN Inc said it had more than adequate cash and liquidity to conduct business as usual and that it was committed to closing a transaction which would give a majority stake in the business to Canadian private equity company Onex Corp.

Several US media reports have said JELD-WEN’s postponement of a bond sale necessary for the transaction was a sign the business was facing potential bankruptcy.

JELD-WEN employs about 20,000 people worldwide.