RG America gets notice of default on $1.6 million of promissory notes

By Laura Lutz

Des Moines, March 27 - RG America, Inc. received a notice of default in relation to $1.6 million of subordinated promissory notes that became due and payable on Jan. 31.

The notes were issued to several accredited investors.

RG America said it has been negotiating with holders to seek a retraction of the default notice or a forbearance agreement until some events have occurred, but it has not been able to reach an agreement.

The company is also in discussion with a third party about possible repayment of the notes by the third party, but no agreement has been reached.

Based in Dallas, RG America is a holding company for a construction and reconstruction business, an insurance line and a financial services company.

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