EGPI accused of default on debentures and notes sold to Dutchess

By Devika Patel

Knoxville, Tenn., Oct. 30 - EGPI Firecreek, Inc. received a notice of default from Dutchess Private Equities Fund Ltd. on Oct. 24, according to an 8-K filed Thursday with the Securities and Exchange Commission.

In the notice, Dutchess claimed that the company failed to pay interest and principal when due in regards to various debenture and note agreements between the companies.

Dutchess also said it is exercising its right to increase the aggregate face amount of the obligations owed under the agreements by 10% for each instance of default. Accordingly, Dutchess accelerated and declared outstanding all unpaid principal, accrued interest, liquidated damages and any other costs and expenses to be immediately due and payable in full.

The total amount owed to Dutchess, as claimed in the default notice, is $9.3 million, which must be paid within five days of the notice.

Dutchess also reserved the right to pursue legal remedies for the amounts owed.

EGPI is an oil production company based in Scottsdale, Ariz.

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