House of Brussels gets demand for payment on defaulted notes

By Sheri Kasprzak

New York, Sept. 13 - House of Brussels Chocolates Inc., parent company of Brussels Chocolates Ltd., said it received a demand for accelerated payment on $5,040,736 in defaulted notes.

Laurus Master Fund Ltd. holds the notes and is demanding payment, including a 15% default payment and liquidation fees of 5% to be collected during a planned liquidation period.

The demand requires the company to pay the notes in full by Sept. 15.

Laurus originally alleged default on the notes in July, claiming the issuer did not make a principal and interest payment on July 1.

The three-year convertible note bears interest at Prime rate plus 200 basis points and is convertible at $0.88 each.

Houston-based House of Brussels is a chocolate manufacturing company.

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