EmberClear misses coupon payment on 12% convertibles

New York, Jan. 10 - EmberClear Corp. said that it is in default on its 12% senior convertible unsecured debentures after failing to make the interest payment due Dec. 31 within 10 days.

The company has C$4,542,000 of the convertibles outstanding and owes C$272,520 of interest.

Either the trustee or holders of 50% or more of the convertibles can declare the principal and interest due but so far no notice has been received by EmberClear.

The company added that it is in the process of selling assets, including its Good Spring Natural Gas Combined Cycle electricity generating project. It is also reviewing financing alternatives that will permit it to make the interest payment.

EmberClear is a Calgary, Alta.-based energy developer focused on low emission, commercial-scale projects using coal or natural gas to create electricity or transportation fuels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.