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Technology Stocks : Read-Rite
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To: Stitch who wrote (4199)10/28/1998 1:38:00 AM
From: Frodo Baxter   of 5058
 
Stick a fork in AMC.

Sure, they may have $72 in capital-controlled ringgits... but $58 is owed to their banks. Another $117 in long-term debt.

>Additional credit available under the company's existing credit facilities was $4.8 million.

Hmmm... total credit facilities of $63? That's funny. Last Q, they had $70. Could it be that even their loosey-goosey Malaysian bankers are calling in their credits?

One other thing. As part of the sale-leaseback of their equipment, the agreement stipulated that AMC must maintain "liquidity" of $80... liquidity being defined as cash + Malaysian credit + $2.5. Whoops!
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