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Abit Reaches Tentative Agreement with Creditors

Date: 2005-1-22

[Abstract]
   Abit Computer has reached a tentative agreement with its creditor banks, allowing it to use its funds deposited at the banks as well as access to banks’ credit lines available to the comp...

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[title]Abit Reaches Tentative Agreement with Creditors[/title]
Abit Computer has reached a tentative agreement with its creditor banks, allowing it to use its funds deposited at the banks as well as access to banksĄ¯ credit lines available to the company, sources at the motherboard maker said yesterday.

AbitĄ¯s deposits and its credit lines, or the amount of short-term revolving funds the company can get from banks with its credit, which totaled NT$4.7 billion, were frozen by its creditor banks after the Taiwan Stock Exchange (TSE) downgraded Abit stock to requiring full-delivery in mid-December, amid allegations of fraud at the motherboard maker.

Abit had total short-term assets equivalent to NT$1.65 billion in cash at the end of November last year, and part of these assets was deposited at the banks, according to data released by Abit. However, the company did not specify how much cash had been frozen by its creditor banks.

Under the agreement, Abit is also required to submit a debt-repayment plan and its financial report for 2004 to the creditor banks before March 10, otherwise the newly opened credit lines will be closed again, company sources said.

Meanwhile, the sources emphasized, AbitĄ¯s goal of shipping 4.5 million motherboards, including 1.2 million units to China, in 2005 remains unchanged.


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