After Spiralfrog posted that 10million loan application, I thought things couldn’t get any worse for them, but it turns out there might be a silver lining to their cloud. They’ve been able to re-negotiate the terms on their loan that required them to pay $7 million back on this day, today.
Renegotiating the terms on the loan was a no-brainer, as it’s financially impossible for them to pay back the loan today, and any self-respecting (VC) investor should know that. They’re going to blow through a lot more cash before they start making any real change for awhile now. Let’s just hope they can keep their CEO’s pay away from the $420k range until then …
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