Peregrine Gets a Loan and a Sale

Disgruntled Peregrine Systems(PRGN Quote) shareholders finally received a minor dose of good news.

Shares of Peregrine rose 21 cents, or 20.6%, to $1.23 in recent trading Thursday after the software maker said it has received a $50 million loan and reached an agreement to sell its supply chain enablement business. Since the beginning of the year, Peregrine shares have shed 92% of their value following disclosures that the company will have restate $100 million in revenue and that it is under investigation by the Securities and Exchange Commission.

San Diego-based Peregrine has said it had just less than $100 million in cash as of March 31, but it reported an operating cash burn rate of $103.6 million in the nine-month period ending Dec 31. However, the company intends to restate financials for that period. ...