The Singing Machine Company has announced that it has entered into a new credit agreement with Milberg Factors, Inc., New York.
Y.P. Chan, Interim CEO of The Singing Machine, said that the new two-year agreement with Milberg Factors initially provides up to $3.5 million in revolving credit.
The Company also announced that it has used cash in hand to retire its previous credit agreement with LaSalle Business Credit, Chicago.
"With the retirement of the LaSalle line, the compliance issues associated with that agreement are now behind us. We are pleased to enter into a new financing relationship with Milberg Factors," Chan said.
