With a new credit line in hand, high-end video projector marketer Vidikron America stepped back from the brink of bankruptcy.
While the company did not offer details of its new financing, or identify the source of the new funding, it said it "is now in a position to satisfy its obligations and continue its operations." Earlier Vidikron indicated it had a commitment for $2 million in new capital, but the infusion was conditional on a new line of credit.
Vidikron is understood to have paid off the $1.2 million loan from PNC Bank that was obtained by Projectavision prior to the merger of the two companies. It was Vidikron's default on that loan that prompted the bank's seizure of its cash accounts and threatened to force the company into liquidation.