Hungry Minds Gets Bank Extension

Hungry Minds' banks have agreed to extend a waiver regarding certain loan covenants from the original deadline of July 31 until August 15. Under the original agreement, Hungry Minds had until the end of July to show it was making a good faith effort to sell the company or the banks had the right to call in their loans. Although no sale was completed by July 31, the banks were satisfied that the company had made enough progress toward an acquisition that they were willing to grant the publisher a 15-day extension. Sources said it was likely that a preliminary agreement for the sale of the company will be reached by the August 15 deadline.