Asset Acceptance Delays Pursuit of New Senior Secured Credit Facilities

Asset Acceptance Capital Corp. (NASDAQ: AACC), a leading purchaser and collector of charged-off consumer debt, Tuesday announced that it has decided to delay its pursuit of new senior secured credit facilities.

Rion Needs, President and Chief Executive Officer, commented, “While we had built meaningful demand during the recent process, we believe this additional time will allow us to demonstrate improving operating performance, and allow for continued business opportunities. Securing the new facilities remains a key priority for the company and we are focused on completing a transaction aligned with our business needs.”

The company’s existing revolving credit facility does not mature until June 2012 and the remaining balance on its term loan B matures in June 2013.

Asset Acceptance announced in late April that it would be pursuing the new facilities with JP Morgan Securities acting as its bookrunner.