Elite chairman converts $1 million 10% credit line to convertibles

Interest-free unsecured convertible notes will be due in November 2016

By Devika Patel

Knoxville, Tenn., Nov. 26 - Elite Pharmaceuticals Inc. said its chairman of the board, Jerry Treppel, has chosen to convert the principal of his $1 million credit line into an unsecured convertible note.

The credit line accrues interest at 10% and is due on July 31, 2014. The remaining $600,000 of principal under the credit line has now been converted to an interest-free, convertible note, which matures in November 2016.

Based in Northvale, N.J., Elite develops oral controlled-release products.

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