Solectron amends loan, changing minimum tangible net worth covenant

By Sara Rosenberg

New York, July 14 - Solectron Corp. amended its $450 million credit facilities, modifying the definitions of the minimum tangible net worth covenants. The amendment was necessary primarily due to non-cash charges in the fiscal third quarter, which ended in May.

The amendment was obtained July 9 and is effective retroactively to May 30.

As a result of this amendment, the company remained in compliance with all of its debt covenants, according to a news release.

Solectron is a Milpitas, Calif. provider of electronics manufacturing and supply-chain services.

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