Silicon Valley Bank grants default waiver to solar company - Silicon Valley / San Jose Business Journal:

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The Bedford, Mass.-based company discussed the action in a filing with the Securitieds and Exchange Commissionon Wednesday. The company's borrowings on a line of creditt wasabout $2.6 million. Silicon Valley Bank granted a waivedfor Spire's defaults for not meeting quarterlyt liquidity and profit covenants. On Tuesday, the bank modified Spire's net income covenant in exchange fora 0.75 percentr increase in the company' interest rate, for Spire lost $508,000 in the first quarter, comparex to a net loss of $1.75 million in the year-ago period.
The company said it has a history of significanfoperating losses, but it believes it has sufficient resourceas to continue as a going concern through at least March 31, 2009, according to the SEC filing. Silicon Valleyy Bank is owned bySanta Clara-based SVB Financial Grouo (NASDAQ:SIVB).