New Century gets acceleration notice for notes sold to Laurus Master Fund in 2005

By Devika Patel

Knoxville, Tenn., July 24 - New Century Energy Corp. reported in an 8-K filed Thursday with the Securities and Exchange Commission that it received a notice of acceleration from LV Administrative Services, Inc., the administrative and collateral agent for Laurus Master Fund, Ltd.

The notice demanded immediate payment of the entire amount the company owes Laurus, including interest and default payments.

The company admitted earlier this month that it is in default on a secured convertible term note and a secured term note, which were issued to Laurus Master Fund.

The convertible note was issued on June 30, 2005 for $15 million and there was $12 million of the note's principal outstanding as of March 31.

The company says it is negotiating with Laurus in an effort to resolve the default.

Houston-based New Century is an oil and natural gas exploration and development company.

© 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.