Voice-to-text firm Spinvox given time to repay loan

The troubled voice-to-text technology firm Spinvox has been given more time to pay back a loan which threatened its survival.

Spinvox is in negotiations with an American speech recognition firm Nuance which may lead to a sale.

The £30m loan, which was due to be repaid this week, was granted earlier this year by an investor.

Now the company has been told that it has until the end of January to find the money.

A source close to the company said Spinvox had been told: "We're not going to put the company into administration over the £30 million."

[source: http://news.bbc.co.uk/1/hi/technology/8411961.stm ]