Aviation Secures Credit
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IRVINE — The chief executive officer at troubled Aviation Distributors Inc. has personally guaranteed his firm’s $15-million line of credit with Bank of New York to preserve financial ties with the key lender.
The bank agreed to keep the company’s revolving credit lines open for at least 90 days after the guarantee by Aviation Chief Executive Osamah Bakhit, the Irvine-based distributor of aerospace parts said Monday.
Some of Aviation’s financial agreements with the bank fell into default last week after Arthur Andersen LLC unexpectedly resigned as the company’s accountant. The resignation also prompted Nasdaq officials to halt trading in the company’s stock.
The company, the bank and Bakhit would not comment further Monday on the agreements.
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