GT Bicycles Released From Pact

GT Bicycles Inc. received a waiver to a credit pact from its banker, and entered preliminary agreements to extend its revolving credit facilities and term loan with the bank.

GT Bicycles said the waiver released it from the bank’s requirement that it provide evidence of new financing by Saturday. The company, which makes mountain and juvenile bicycles, said it should get commitments on the new financings within the next few weeks.