Divestco revises maturity terms of C$7.4 million in convertibles

By Devika Patel

Knoxville, Tenn., Dec. 8 - Divestco Inc. said it has restructured its C$7.4 million in unsecured convertible debentures due Nov. 21, 2008.

More than two-thirds of the outstanding debenture holders have agreed to revise the maturity terms to include a 25% payment of the outstanding principal by Dec. 15, with the balance termed out in equal monthly principal payments at a 10% annual interest rate beginning on Jan. 15. The obligation is to be retired in full by Dec. 15, 2009.

The company is in the process of formalizing the same terms with the remaining debenture holders.

Based in Calgary, Alta., Divestco provides software and services to the oil and natural gas exploration industry.

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