Acclaim debt put on hold

The publisher of such classics as Mortal Kombat and NBA Jam announced today that it has arranged with GMAC Commercial Financial to extend the terms of an existing loan into August. As Acclaim's primary lender, GMAC agreed to move the termination date of the banking agreement from June 20 to August 4 while Acclaim works to finalize a deal with a new lender. The video game publisher has been in dire straights of late, after reporting significant losses for the 12-month period ending December 31, 2003. Acclaim entered into its current arrangement with GMAC at the beginning of May (when it also secured an additional $3 million in the form of a supplemental discretionary loan from GMAC).