Packard Bell Has Secured $70 Million in Financing

Packard Bell Electronics Inc., a Chatsworth personal computer maker, said it has secured $70 million in financing.

The agreement with asset-based lender Congress Financial Corp. in New York allows Packard Bell to refinance its existing debt and provides working capital for continued growth, the company said.

Jeff Scheinrock, Packard Bell executive vice president and chief financial officer, said the financing deal, along with a previously announced equity investment in Packard Bell by French mainframe computer maker Groupe Bull, “is a further indication of the steps we’re taking to strengthen the company.”

In June, Groupe Bull acquired a 19.9% stake in Packard Bell for undisclosed terms.