Genius amends its credit agreement
Total revolving credit facility now $37.5 million
By Susanne Ault -- Video Business, 12/4/2008
DEC. 4 | Genius Products LLC, the distributor for The Weinstein Co., has amended its credit agreement again with its administrative agent Société Générale and lender Alliance & Leicester Commercial Finance.
In this latest change, Genius’ total commitment of the revolving credit facility falls from $50 million to $37.5 million. Genius must abide by weekly credit availability limits, ranging from $24 million to $36 million. Additionally, the required minimum cash liquidity for the period ending Dec. 31, 2008, is reduced from $3 million to $1 million.
Also under the terms, Alliance & Leicester has agreed to wave certain defaults of Genius LLC, as they relate to its parent, Genius Products Inc., failing to file its quarterly 10-Q report by the intended Nov. 17 deadline.
Genius Products previously stated that it would file the report by or on Nov. 21, but as that date has passed, it has not given further updates as to when the financial information will be made available. At that time, Genius asked the Securities and Exchange Commission for an extension because it needed more time to restate previous financial results.
The company last updated its credit agreement on Nov. 1.
