LoLo, Esq., and I have enjoyed shorting $CROX over the years, a lot. So back in March, when I reported they had received a going-concern warning, that their product was selling for 75% off retail, that this fad was going the way of the dodo, that there would be no merkins studded with Jibbitz handed out at this year’s shareholder meeting, etc, we were not particularly sad about it.

And so they should be dead right about now. However, LoLo tells me today that a knight in shining armor has put their money where the Croslite is:

LOS ANGELES, Sept 30 (Reuters) – Shoe maker Crocs Inc (CROX) on Wednesday said it has secured up to $30 million in revolving loans under a new credit agreement with PNC Financial Services Group Inc (PNC).

Borrowings under the asset-based revolving credit facility would be subject to variable rates of interest and would be secured by all of the company’s assets.

Yup – PNC Bank believes in Crocs and Jibbitz. And as Jason pointed out, they’re a TARP bank, so that’s your money they’re investing in this venture. Hell, I think National City was a better buy than THIS.

I see a lot of Crocs being handed out at Pirates games in the near future.