Acclaim granted credit agreement extension
Publisher Acclaim has been granted a 45-day extension to its existing credit agreement with GMAC Commercial Finance LLC, which will see the company being given until August 4th to finalise negotiations with a new lender.
Publisher Acclaim has been granted a 45-day extension to its existing credit agreement with GMAC Commercial Finance LLC, which will see the company being given until August 4th to finalise negotiations with a new lender.
Back in May, GMAC agreed to waive Acclaim's defaults for the quarter ending in March, and extended an additional $3 million in credit to the firm, while Acclaim announced that it was on the verge of signing for a $22.75 million credit facility with a new lender.
The GMAC arrangement - which is Acclaim's main source of credit - was due to expire on June 20th, but as the new facility has apparently not yet materialised, GMAC and Acclaim have arranged to extend it to the new end date of August 4th.
In a statement issued last night, Acclaim said that it "continues to work diligently with its proposed new lender to close its new banking facility."