Acclaim Entertainment restructures bank credit facilities.GLEN COVE Glen Cove, city (1990 pop. 24,149), Nassau co., SE N.Y., on the north shore of Long Island, at the entrance to Hempstead Harbor; settled 1668, inc. as a city 1918. , N.Y.--(BUSINESS WIRE)--March 5, 1997--Acclaim Entertainment, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AKLM AKLM Acclaim Entertainment, Inc. (stock symbol) ) today announced that it had completed the restructuring of its domestic bank credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities and that it is in compliance with new covenants established with Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. Financial Corp., its lead lending institution Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in , and with Fleet Bank. In addition, the Company has repaid in full its loan from Midland Bank. Last week the Company announced the successful completion of a private placement offering of $50 million, 10 percent Convertible Subordinated Notes, due 2002. The Notes are convertible into common stock at an initial conversion price of $5.18 per share. Acclaim confirmed that throughout the credit restructuring it had continued to make all interest and principal payments under its key loan agreements and enjoyed the full support of Bank of New York Financial Corp. "Acclaim Entertainment has taken and continues to take steps to take action; to move in a matter. See also: Step to improve its long-term liquidity and position itself for future growth. Bank of New York has worked with Acclaim in restructuring its debt, and the Company has implemented a workforce reduction and decreased other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as well," Gregory Fischbach, Acclaim co-chairman and chief executive officer, said. Acclaim Entertainment Background Information Acclaim Entertainment, Inc., a leading worldwide publisher of software for Nintendo, Sega, Sony and personal computer hardware systems, also publishes comic books under a variety of imprints. In addition, Acclaim develops coin-operated arcade games; operates motion capture studios; and, through A.D.I., globally sells and distributes products from a variety of entertainment software publishers including Interplay and others. Visit Acclaim's Web site, www.acclaimnation.com. This press release contains forward looking statements. There are certain important factors that could cause results to differ materially from those anticipated by the statements made above. Such risks and uncertainties include, among other things, the growth of the installed base of 32-bit and 64-bit gaming and PC systems, the timely availability and acceptance of Acclaim's future products for such systems, the competitive environment in the consumer software and related industries, the management of inventories and growth, and other risks and uncertainties that may be detailed from time to time in Acclaim's reports filed with the Securities and Exchange Commission. CONTACT: Acclaim Entertainment, Inc., Glen Cove Nancy Tully, 516/656-5000 ntully@aklm.com |
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