NEW YORK -- Midlantic National Bank has extended, subject to certain conditions, the maturity of its credit facilities with Concord Camera Corp. to Aug. 31, Concord said.
The Midlantic Corp. unit also changed the basis on which available borrowing will be calculated, which will permit additional advances of up to $1 million.
Concord said that the Midlantic facility, combined with a $3 million secured short-term loan from Ira J. Hechler, a New York investor, will help it meet liquidity needs during the peak summer production season. Meanwhile, it will seek a new source of loans to replace Midlantic and Mr. Hechler.
