Advertisement

Coleco Industries Inc., which filed for bankruptcy...

Share

Coleco Industries Inc., which filed for bankruptcy protection less than three weeks ago, said it had found $50 million in new capital and ended its relationship with a crisis management team brought in to help run the firm. The debt-ridden toy maker said it reached an agreement with Congress Financial Corp., a unit of CoreStates Financial Group, to provide the company with working capital of up to $50 million. Paul Meyer, an executive vice president of the West Hartford, Conn.-based firm, said the new line of credit would allow the firm to resume its operations, which have been drastically curtailed over the last three months.

Advertisement