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Lenders Will Wait For BISYS Financials

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A company that sells support services to life insurers and other financial services companies has persuaded the issuers of its credit line to relax reporting deadlines.[@@]

The company, BISYS Group Inc., New York, has had to delay issuing some financial reports as a result of accounting problems.

Technically, the terms of the BISYS credit line require the company to meet certain financial reporting filing deadlines. But the lenders now have agreed to give BISYS more time to file financial reports, BISYS says.

“The company believes that its operating cash flows and cash on hand will be sufficient to support its near-term working capital and other cash requirements, and that additional credit under the credit facility will not be necessary through the extension date,” BISYS says in a statement about the agreement with its lenders.