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Game Publisher Acclaim to Restate Earnings; Secures New Credit Facility

Authored by Mark Hefflinger on May 5, 2004 - 3:03am.
Glen Cove, N.Y. -- Video game publisher Acclaim Entertainment announced on Wednesday that it will restate its financial results for 2001-2003 after discovering a $9.5 million error in its books. The company also said that its primary lender, GMAC, will provide an additional $3 million to Acclaim, and announced that it is securing a $22.8 million asset-based credit facility with a new primary lender to replace the GMAC facility, which will terminate in June. Recently, New York-based Acclaim was sued by child actors turned media and fashion moguls Mary-Kate and Ashley Olsen, over a series of games that uses the twins' names and likenesses.
tags: Games | Acclaim | Restate | New Credit |