Accounting issues continue to pester Reynolds and Reynolds Co., causing a downgrade in its credit and prompting bankers to give the company more time to file its annual report.
Still, the stock price for the dealership technology vendor in Dayton, Ohio, remains resilient, and the company's business has remained stable.
Lenders have unanimously granted more time for Reynolds to file its overdue annual report for the fiscal year ended Sept. 30, 2005, and its quarterly report for the quarter ended Dec. 31, 2005.
This is the fourth time that JPMorgan Chase Bank N.A., Reyna Capital Corp. and other lenders have amended a $200 million credit agreement with Reynolds that extends a waiver of financial reporting requirements.
Now Reynolds has until Sept. 30 to file the two required financial statements with the U.S. Securities and Exchange Commission. The previous waiver was to expire on Friday, March 31.