>>NEW HAVEN, Conn., Dec 16 (Reuters) - Genaissance Pharmaceuticals Inc. said on Monday GE Capital Corp. seeking $3.9 million immediately from the biotechnology company, claiming it defaulted on a lease.
GE Capital, a unit of General Electric Co. (NYSE:GE - News), claims the default in the lease came from an alleged material adverse change in Genaissance -- something the company denies.
The allegation of a default led to a cross-default under an agreement with Finova, but that default claim is suspended until late January 2003, or resolution of the GE Capital claim, Genaissance said.
Genaissance intends to defend itself from GE Capital's claims. GE capital filed a complaint in the Superior Court of the State of Connecticut, seeking payment for all amounts due under the lease signed April 10, 1999.
Genaissance, which uses the study of human gene variation to develop medicines, said has and will continue to pay all of the Company's debt obligations. Genaissance currently owes its lease creditors a total of about $10.4 million of principal and interest, most of which is scheduled for payment in fiscal 2003.<<
snip
Cheers, Tuck |
