OMAHA Wells Fargo Bank Nebraska has for the second time in two months reduced the size of a loan it arranged for Ballantyne of Omaha Inc., a motion picture and specialty lighting equipment maker.
The bank, a unit of San Francisco-based Wells Fargo & Co., cut the credit facility, set to expire on Jan. 21, to $9.5 million from $11.5 million, Ballantyne announced. As of Thursday, Ballantyne owed $8.9 million under the revolving credit, leaving it just $600,000 to borrow.
In November, Wells Fargo reduced the loan to $11.5 million from the original $20 million after Ballantyne defaulted by failing to maintain two coverage ratios. Wells Fargo agreed at that time to defer taking remedial action.