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July 15, 1987

IBM CREDIT HELPS MBI BUSINESS CENTERS OUT OF A HOLE IN ITS BALANCE SHEET

By CBR Staff Writer

Computer retailer MBI Business Centers of Rockville, Maryland has been in technical default of certain covenants with its principal bank, Maryland National, after recording losses for its fiscal fourth quarter to January and its fiscal 1988 first quarter. It obtained a waiver of the defaults through June 15 and has now negotiated new covenants with the bank and is no longer in default. Helping out is a line of credit for as much as $10m with IBM Credit Corp against buying IBM equipment.

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