Read-Rite Obtains Extension of Its Bank Credit Facility Waiver
Friday May 26, 12:24 pm Eastern Time
Company Press Release
SOURCE: Read-Rite Corporation
MILPITAS, Calif., May 26 /PRNewswire/ -- Read-Rite Corporation (Nasdaq: RDRT - news) today announced that it has obtained an amendment and extension of the waiver under its bank credit facility with the financial institutions comprising its bank group. This agreement extends the company's waiver under the credit facility through July 26, 2000 if the company's negotiations with alternative lenders to replace the existing bank credit facility results in a commitment agreement being entered into by June 30, 2000. In addition, as a result of this new waiver, the company reduced the outstanding balance under the credit facility by $5 million, leaving an outstanding balance of $42.5 million.
Read-Rite Corporation is one of the world's leading independent manufacturers of magnetic recording heads, head gimbal assemblies (HGAs) and head stack assemblies (HSAs) for disk drives and tape drives. The company is headquartered in Milpitas, California and has operations in Japan, Thailand, the Philippines and Singapore. The company's home page on the world wide web can be reached at readrite.com . |
