Acclaim Entertainment, Inc. Announces New Banking Arrangements
05 Mayo 2004 - 7:30AM
PR Newswire (US)
Acclaim Entertainment, Inc. Announces New Banking Arrangements GLEN
COVE, N.Y., May 5 /PRNewswire-FirstCall/ -- Acclaim Entertainment,
Inc. , today announced that it has entered into a Waiver and
Amendment agreement (the "Amendment") with its primary lender, GMAC
Commercial Finance LLC ("GMAC"), under which GMAC has agreed to
waive the Company's financial covenant defaults under its GMAC
Credit Agreement for the quarter ended March 31, 2004. In addition,
GMAC has agreed to provide an additional $3 million overadvance in
the form of a supplemental discretionary loan to the Company.
Pursuant to the Amendment, the Company's GMAC Credit Agreement and
related financing agreements will terminate on June 20, 2004. Under
the Amendment, the Company is required to provide GMAC with certain
additional financial projections and information, and to provide
GMAC with a proposal letter from a new lender with respect to
refinancing the GMAC facility within 30 days after the Amendment is
signed. The Company also announced today that on May 4, it entered
into a letter of intent with a proposed new lender, for a
$22,750,000 asset-based credit facility, with an equity component,
to replace the GMAC loan facility. The Company is working with the
proposed new lender in order to implement the new facility which is
subject to the execution of definitive documentation by both
parties and the completion of due diligence by the proposed new
lender. About Acclaim Entertainment Based in Glen Cove, N.Y.,
Acclaim Entertainment, Inc., is a worldwide developer, publisher
and mass marketer of software for use with interactive
entertainment game consoles including those manufactured by
Nintendo, Sony Computer Entertainment and Microsoft Corporation as
well as personal computer hardware systems. Acclaim owns and
operates five studios located in the United States and the United
Kingdom, and publishes and distributes its software through its
subsidiaries in North America, the United Kingdom, Australia,
Germany, France and Spain. The Company uses regional distributors
worldwide. Acclaim also distributes entertainment software for
other publishers worldwide, publishes software gaming strategy
guides and issues "special edition" comic magazines periodically.
Acclaim's corporate headquarters are in Glen Cove, New York and
Acclaim's common stock is publicly traded on NASDAQ.SC under the
symbol AKLM. For more information please visit our website at
http://www.acclaim.com/. The statements contained in this release,
which are not historical facts, are "forward-looking statements."
Acclaim cautions readers of this press release that a number of
important factors could cause Acclaim's actual future results to
differ materially from those expressed in any such forward-looking
statements. These important factors, including, without limitation,
the financial strength of the interactive entertainment industry,
dependence on new product introductions and the ability to maintain
the scheduling of such introductions, technological changes,
dependence on major platform manufacturers and other factors that
could affect Acclaim, are described in Acclaim's Annual Report on
Form 10-K for the fiscal year ended March 31, 2003, and Acclaim's
subsequent Quarterly Reports on Form 10-Q, all of which were filed
with the United States Securities and Exchange Commission. Readers
of this press release are referred to such filings. Contact: Edward
M. Slezak Alan B. Lewis Acclaim Entertainment, Inc. Acclaim
Entertainment, Inc. (516) 656-5000 (516) 656-5000 DATASOURCE:
Acclaim Entertainment, Inc. CONTACT: Edward M. Slezak,
+1-516-656-5000, , or Alan B. Lewis, +1-516-656-5000, , both of
Acclaim Entertainment, Inc. Web site: http://www.acclaim.com/
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