Acclaim Secures Extension From Lender

GMAC Commercial Finance LLC, the primary lender to Acclaim Entertainment, granted the game maker a 45 day extension, moving the date the two companies’ banking agreement ends from June 20 to Aug. 4. The original agreement signed in May stated GMAC agreed to waive Acclaim’s “financial covenant defaults” and provided the company with a $3 million “over-advance in the form of a supplemental discretionary loan,” as reported by GameDaily. Officials at Acclaim said the company “is working diligently with its proposed new lender to close its new banking facility.”