The company has completed a private placement of common stock to raise approximately $12.7 million in equity capital and has arranged an additional $15 million by opening a new working capital line of credit secured by Interplay’s company assets and $2 million personal guarantee from company Chairman Brian Fargo. The new funds will be used to reduce Interplay’s outstanding debt and replace a line of credit secured by Titus Interactive, saving the company as much as $1.5 million in interest payments this year. “This recent financing has reduced our debt to the lowest point in several years,” said Fargo, “It improves our financial stability so that we can benefit from our investments in next-generation console games.”
