El Segundo-based Aura Systems Inc., a money-losing maker of audio speakers, is paying 43% interest on a $15-million loan that comes due in September, according to regulatory filings. Aura has $31 million in loans due by Feb. 28. Documents show it had $6.1 million available to repay the loans. Since Aura went public in 1986, it’s lost about $84 million. The loan began with an 8% interest rate. Then the unidentified lenders negotiated an increase to 18%, along with a $935,000 quarterly fee. That pushed the rate to 43%.
Spotlight: Aura Systems Shells Out 43% Interest on Loan
For the record:
12:00 AM, Jun. 20, 1998