RoomLinX gets 90-day forbearance from holders of convertible debenture

By Sheri Kasprzak

New York, Sept. 21 - RoomLinX said it has received a forbearance agreement from investors in a $1.1 million convertible debenture that has been in default.

The investors have agreed not to exercise any rights against the company for the defaulted debenture for 90 days. In that time, the company has agreed to use its best efforts to raise another $1 million to repay the debenture in full. The debenture will not bear interest during this 90-day period.

The debenture was purchased March 4, 2005 and had been due the earlier of Sept. 2, 2005 or the date the company closed a financing of at least $1 million. The debentures bear interest at 11% annually and are convertible at $0.075 each.

The holders of the debenture include Trinidad Capital, LP; Creekspan Partners, LP; DKR SoundShore Strategic Holding Fund Ltd.; DKR SoundShore Oasis Holding Fund Ltd.; Commonwealth Investors, LLC; Heller Family Investments, LLC; Philippi Trading; Merson LP; Richard Steinberg; Morry Kalimian; Joshua Gessin; David Farnsworth; Richard Konrad; Edward Barth; and Jonathan J. Leifer.

Based in Hackensack, N.J., RoomLinX provides high-speed wireless services to hotels and conference centers.

© 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.