Gateway is out of compliance with one of the provisions for its $300 million line of credit, the company said in a regulatory filing Wednesday. The company said in documents filed with the Securities and Exchange Commission that it intends to seek a waiver or modification of the requirement and noted that as of March 31, the company had not borrowed against the credit line.
A Gateway spokesman said the compliance issue is "basically a debt-to-income obligation." The spokesman attributed the lack of compliance to the company's reduced operating income since its restructuring earlier this year. As of March 31, the documents said, Gateway had $900 million in cash and cash equivalents, as well as stock holdings worth $205 million.
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