General Automation Retains Its Line of Credit to Operate
Irvine-based General Automation Inc. said its primary lender is allowing the company to keep its $2.2 million line of credit to meet its current operating needs.
The deal with Comerica Bank-California, announced Friday, will help the computer support service firm continue with its plans to renegotiate debts to other creditors, said company officials.
General Automation received a $5.5-million line of credit from Comerica Bank-California early last year.
But by March the bank said the company was in default for not meeting certain minimum requirements, in part due to the high-tech firm’s internal accounting troubles. The bank initially had demanded full payment of the loan. But General Automation met with bank officials and worked out an agreement to hold off on taking action until its accounting problems could be cleared up.
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