L.A. Gear Reaches Lender Accord: The troubled...
From Times Staff and Wire Reports
L.A. Gear Reaches Lender Accord: The troubled sneaker maker said it had reached an agreement with its lenders to cut the company’s credit line and waive several of the defaults and breaches under its previous loan agreement. The Los Angeles-based firm had announced last month that it would seek such an arrangement with the lenders, led by Bank of America. The company’s $7.1-million loss for the fourth quarter ended Nov. 30--its first loss as a publicly held entity--constituted a default under its line of credit.
