Naz News, Gappers and FLE's

[baletwine]

XRIT (2.97, -1.45) hammered on Friday AH news:

DJ X-Rite Terminates Interest Rate Swap Pact With Goldman Sachs

Dow Jones Real-Time News for InvestorsSM 5:51 p.m. 04/25/2008

X-Rite Inc. (XRIT) said Friday it terminated its interest rate swap arrangements with Goldman Sachs.

In a filing with the Securities and Exchange Commission, the Grandville, Mich.-based color technology company said the swaps previously fixed the interest rate on $336 million of debt. When terminated, the swaps left the company with a $12.1 million liability to Goldman.

The company said it is negotiating payment terms.

The termination of the swap arrangements resulted in an additional event of default under the company's secured credit facilities, the filing said.

As reported, X-Rite has said it's not in compliance with its secured credit facilities, but is talking with lenders to amend the arrangements.

-David J. Reynolds; Dow Jones Newswires; 202-862-1342; [e-mail]