Rexon Inc, the tape drive manufacturer now based in Longmont, Colorado reports that the bankruptcy court has approved a $4m loan facility, $2m from Legacy Storage Systems International Inc and $2m from a Rexon senior management group. The loan is to enable Rexon to resume a normal level of operations rather than the severely restricted level of manufacturing and shipments at which it have been operating for the past few months. The company has also closed its St Petersburg office; it expects to report a fourth quarter loss of $24m on $6m sales.
OTHER FINANCINGS
