Sign up for our newsletter - Navigating the horizon of business technology​
Technology / AI and automation

GLOBAL VILLAGE DEFAULTS ON CREDIT LINE, LOOKS FOR FINANCING

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.

White papers from our partners