SquareTwo cuts loan commitments to $140 million, extends to April 29

By Susanna Moon

Chicago, April 7 – SquareTwo Financial Corp. amended its loan agreement with Ally Bank as agent on Tuesday, cutting the maximum revolving commitments to $140 million from $245 million and extending the term of the revolving credit facility to April 29, 2016.

“As SquareTwo moves towards a long-term change in capital structure, this amendment provides SquareTwo the ability to continue ongoing negotiations to obtain support of certain lenders and investors as part of financing alternatives for the senior revolving credit facility and the senior second lien notes,” according to an 8-K filing with the Securities and Exchange Commission.

SquareTwo is a Denver-based asset recovery and management company.

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