Crocs is given a lifeline

Union Bank of California has agreed to extend Crocs’ existing credit facility to 30 September 2009, following comments by their auditors that the footwear company would not be able to continue as a going concern. Crocs is negotiating with other financial institutions to arrange longer term financing. As of 31 December Crocs had $51.6-m in cash and cash equivalents and $22.4-m in borrowings under their revolving credit facility.