Most Recent Articles In Business
Latest Business Articles
- Adidas Shares Up on Reebok Sale Rumors
- VF Net Up 8.5% in Q3
- Insiders Mixed on Holiday Footwear Prospects
More Articles By
Crocs said Tuesday it nabbed an extension for its credit facility with Union Bank of California.
The maturity date of the existing facility has been extended to Sept. 30 from April 2. The amendment includes scheduled principle and interest payments and scheduled reductions in applied interest rate.
“We are pleased with this extension as it provides us the headroom necessary to complete our restructuring plans, realign our operations and refocus the Crocs brand,” John Duerden, president and CEO of Crocs, said in a statement.
Crocs said Union Bank of California continues to be “supportive” with its negotiations and that Crocs also continues to hold discussions with other financial institutions.
As reported, Crocs said last month that its accountant had cast doubt on its ability to continue as a going concern. The company, under Duerden, is expected to aggressively trim costs and restructure operations.
As of Dec. 31, Crocs had $51.6 million in cash and cash equivalents, and $22.4 million in borrowings under its revolving credit facility.