Speed Commerce gains $1 million protective advance after loan default

By Susanna Moon

Chicago, April 13 – Speed Commerce, Inc. obtained a protective advance of $1 million under its credit agreement with Garrison Loan Agency Services LLC as administrative agent on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The company is in default under the loan terms and is unable to cure the defaults.

The company’s lenders are expected exercise their rights under the credit agreement, including a foreclosure on the company’s assets “in the immediate future,” the filing noted.

Speed Commerce is a Richardson, Texas-based distributor and provider of complete logistics solutions to traditional and internet-based retailers.

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