L.A. Gear in Talks With Banks: Sneaker...
From Times Staff and Wire Reports
L.A. Gear in Talks With Banks: Sneaker maker L.A. Gear said its banks have agreed not to take any action against the company through March 15 in connection with its technical default on a $360-million loan agreement. L.A. Gear said it is negotiating with its banks to rewrite its loan agreement and obtain a permanent waiver for the default. The company also said it filed for an automatic 15-day extension, to March 15, of its deadline for filing certain financial information in its annual report so that it can “evaluate the results of ongoing discussions with its bank group.”
