Global Village Communications Inc, the Sunnyvale company that is primarily a maker of modems for the Macintosh and is suffering from that machine’s woes, has defaulted on its credit line. According to a filing with the US Securities & Exchange Commission, Global Village had $8m outstanding under its credit line as of December 31, and was under violation of some financial pacts at that time. The credit agreement had an $8m limit at September 30, but was renegotiated and raised to a $15m limit on October 22. Global Village is currently negotiating with its bank to end the agreement, and says that it is pursuing new financing sources.
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