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Zynga sees their unsecured line of credit slashed heavily, from $1 billion to $200 million

Zynga has their unsecured line of credit slashed down from $1 billion
| Business, Financial & Legal News | Posted: Jun 25, 2013 12:30 pm

Zynga used to have a $1 billion unsecured, revolving line of credit, but has had a limit slapped right on top of that to just $200 million. The amount of time to pay it back has been increased, though, from four to five years, but it continues to be unsecured.




Since Zynga went public, they've been faced with nothing but issues, taking away chunks of their value. The once-invincible company is now in troubled times, while they continue to restore their user base and release a new smash hit title which will get them out of the black. The company recently cut 18% of their workforce, and then they took another blow - investors cut their market valuation by a double-digit percentage.


At the prime of Zynga, they acquired the at-the-time gigantic OMGPOP, the company known for Draw Something, for $200 million. Well, that division has been closed, and Zynga have been left crying in the corner looking at that cheque they wrote. Zynga do have $1.3 billion in cash and short term investments, so they're not down and out just yet, folks.


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