Banks Grant AST $100 Million in Credit
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IRVINE — AST Research Inc., which posted five consecutive quarterly losses totaling almost $196 million, said it secured a $100-million credit line from a bank consortium.
The cash will be used for working capital and to repay the $50-million short-term loan made by the computer maker’s partner, Korea’s Samsung Electronics Co., AST said.
“Our new credit line is part of the increased support we recently received from Samsung,” said Ian Diery, AST president and chief executive.
Four international banks, led by Bank of America National Trust & Savings, agreed to provide the revolving credit facility, the company said.
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