Struggling video games retailer Game has agreed with its lenders revised terms for banking facilities that will keep it in business.
Game, which trades from over 1,270 stores globally including several in Ireland, said today it would now meet bank lending rules, or covenant tests, for the period to January 31st when they are tested on February 27th.
The firm, which had warned last month it may breach the terms of its loans, also forecast an underlying pretax loss of about £18 million for the year to January 31st.
"Under the terms of the revised facilities, the group has agreed to operate within lower limits of its existing facilities than was previously available. These revised facilities will allow the company to continue to trade," Game said.
The firm has also agreed to provide an updated strategic plan for review, and approval in part, by its lending syndicate, led by the state-backed Royal Bank of Scotland.
This plan will cover all aspects of the business's activities and strategy, including its overseas operations.
Reuters
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