GE Capital Commercial Services, a leading provider of financing solutions for primarily non-investment grade companies, has sent a commitment letter to 3DO offering a factoring facility up to US$15.0 million with a two-year term.
3DO Company, a producer of consol games, announced this week improved fourth quarter results compared with revenues in the third quarter of fiscal 2002. However, fourth quarter revenues were 14% below the prior year’s fourth quarter.
While there is no assurance that the commitment from GE Capital will be consummated, management anticipates final loan documents will be completed in the next few weeks.
