NEW YORK (CNN/Money) - Tyco International Ltd. on Thursday denied rumors that it was about to file for bankruptcy protection or that it had sought counsel to help it reorganize or file bankruptcy.

"Earnings have stabilized this year, with top-line [revenue] growth in all four of our businesses, we have strong free cash flow generation, we have strong operating cash flow generation that reflects the quality of our businesses, and we have a balance sheet with debt/capital ratio at historically appropriate levels," chief financial officer Mark Swartz said in a conference call.

Swartz said the company began its latest quarter with $7.2 billion in cash, that it expected cash flow for the year of $2.5 billion and for 2003 of $4 billion and that it planned to repurchase about $2 billion in debt this quarter.

"We have not hired and not consulted [bankruptcy attorneys], and you can understand why that's not needed, with over $7 billion in cash and debt repayment cycles we can handle," Swartz added.

Tyco (TYC: Research, Estimates) shares plunged 16 percent Thursday on the rumors.

Swartz also said he and interim CEO John Fort planned to certify their company's financial statements, as required under new Securities and Exchange Commission rules, by the Aug. 14 deadline.

Earlier this week, the Bermuda-based manufacturer reported sharply lower fiscal third-quarter results that met Wall Street expectations and reaffirmed its guidance for the fourth quarter.

Former Tyco CEO Dennis Kozlowski is facing state tax evasion and evidence tampering charges related to his purchase of art work, and the company reportedly is the subject of a Securities and Exchange Commission investigation into how it accounted for acquisitions that helped fuel its growth.

Because of his close association with Kozlowski, some analysts expect Swartz to resign when a new CEO is found, but Swartz has not commented on that speculation.