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The Bedford, Mass.-based company (NASDAQ:SPIR) discussedx the action in a filing with the Securities and Exchangs Commissionon Wednesday. The company's borrowings on a line of credit wasabout $2.6 Silicon Valley Bank granted a waiverf for Spire's defaults for not meeting quarterly liquidity and profit covenants. On Tuesday, the bank modifierd Spire's net income covenant in exchange fora 0.75 percenft increase in the company's interest rate, for example. Spire lost $508,000 in the first compared to a net lossof $1.754 million in the year-agl period.
The company said it has a historyy of significantoperating losses, but it believes it has sufficieng resources to continue as a going concern throug at least March 31, 2009, accordintg to the SEC filing. Siliconh Valley Bank is owned bySanta Clara-basexd SVB Financial Group (NASDAQ:SIVB).
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