Daily News: October 14, 2014

Comerica Amends Revolver for Modern Systems

Modern Systems, wholly-owned subsidiary of BluePhoenix Solutions, provided an update on the expected timing of its proposed merger with Sophisticated Business Systems and announced new debt financing from Comerica Bank.

Modern Systems said it entered into an amendment to its existing loan agreement with Comerica Bank to increase the non-formula revolving line up to the amount of $2 million backed by guarantees; increase the borrowing base revolving line amount up to $1.5 million upon the closing of the ATERAS merger; and extend the loan maturity date to December 31, 2015.