October 20, 2017 / 12:29 PM / a year ago

BRIEF-Summer Infant enters into amended credit agreement

Oct 20 (Reuters) - Summer Infant Inc

* Summer Infant enters into amended credit agreement

* Summer Infant - ‍amended existing credit facility to provide near-term financial flexibility as result of bankruptcy filing by Toys “R” Us on Sept 18​

* Summer Infant - ‍bankruptcy of Toys “R” Us negatively impacted net revenue of Summer Infant by approximately $2.3 million during Q3

* Summer Infant Inc - ‍as part of amendment, Summer Infant’s lenders waived any loan violations that may have occurred due to certain “overadvances”

* Summer Infant - ‍expects charge of about $2.1 million in Q3 as allowance for bad debt related to pre-bankruptcy petition accounts receivable from Toys “R” Us​

* Summer Infant - ‍the “overadvances” were made after Toys “R” Us receivables were no longer deemed “eligible accounts” under credit facility’s revolver base​ Source text for Eikon: Further company coverage:

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