AST Secures $100 Million in Bank Credit:...

AST Secures $100 Million in Bank Credit: Struggling Irvine computer manufacturer AST Research Inc. has gained a firmer financial footing for its turnaround plans, announcing Friday that it secured another $100 million in bank credit. The latest arrangement doubles the amount of credit that AST has secured to finance its efforts to bounce back from a steep slide in market share over the past year. The one-year credit line from eight banks is backed by Samsung, the Korean electronics giant that owns 40% of AST’s stock and controls the company’s board of directors. Samsung offered to guarantee up to $200 million in credit last December, and AST lined up $100 million in financing a few weeks later. Friday’s announcement means AST has secured the remaining $100 million, company spokesman Emory Epperson said. Plagued by product delays, AST has reported six consecutive quarterly losses totaling about $324 million.