Drinks America investor declares default under $4.4 million debenture

By Devika Patel

Knoxville, Tenn., Nov. 2 - Drinks Americas Holdings, Ltd. investor St. George Investments, LLC declared a default on the company's $4.4 million debenture on Oct. 27, according to an 8-K filed Monday with the Securities and Exchange Commission.

The default arose after the value of the company's stock sank so low that the shares pledged to secure the debenture weren't worth enough to cover its value.

St. George has agreed not to enforce the default after receiving 3,209,997 additional pledge shares.

Drinks America is a beverage developer based in Wilton, Conn.

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