O.C. BUSINESS PLUS : ORANGE COUNTY BRIEFLY : STM Wireless Pins Down Line of Credit
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Struggling Irvine-based STM Wireless Inc. received a commitment from CIT Group/Credit Finance Inc. for a two-year, $8.5 million secured line of credit, the company said Wednesday.
STM said it plans to use the credit line, which the company hopes to close in October, to replace its $6.8 million outstanding credit line from Wells Fargo HSBC Trade Bank NA, which at one point was threatening foreclosure.
STM, which provides satellite communications to rural areas, posted a net loss of $9.1 million in 1998, has had operating losses every year since 1995. It also lost $8.1 million during the first six months of this year.
The company, which has already taken significant cost-cutting measures, also has said that it may sell its headquarters building and lease it back in order to free up cash for operations.
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