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Strategies & Market Trends : Floorless Preferred Stock/Debenture
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To: Zeev Hed who wrote (1036)11/20/1999 7:47:00 PM
From: RockyBalboa  Read Replies (1) of 1438
 
Although, viewing PPRTs numbers and recent developments, it doesn't surprise me, because they are in acute danger. They are in default, they have a waiver until the end of november, so to say the VCs (have to) use the downside, rather then the upside (by exercising their sweeteners) to return their money.

In September 1999, the company received a notice from the bank that it was in default of its credit agreement. In November 1999, the Company and the bank entered into a Forebearance Agreement that provided among other things, that the Company pay principal and interest in an amount equal to $1,587,000 and maintain a cash balance in excess of the loan amount due to the bank. The Forebearance Agreement expires November 30, 1999. No further advances are available to the Company under the credit agreement.

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