Share this article

print logo

INFOTECHNOLOGY CAN'T REPAY LOAN

Infotechnology Inc., the cash-strapped owner of Financial News Network and United Press International, said Friday it could not repay a $20.7 million loan that was called in early.

The lenders, Security Pacific National Bank and MidLantic National Bank, now have the right to foreclose on Infotechnology's 46 percent stock interest in FNN, a cable network.

The FNN stock was placed as collateral for the loan, which originally was due next July. The banks did not say whether they would excercise their foreclosure option or why they called the loan in early.

There are no comments - be the first to comment