Evergreen Energy retires $2.8 million of 8% convertibles for stock

By Marisa Wong

Madison, Wis., Sept. 29 - Evergreen Energy Inc. said it agreed to convert and retire approximately $2.8 million of its 2007 8% convertible notes due Aug. 1, 2012 for common stock.

The notes will be converted into 1,007,143 shares of common stock on a post-split basis.

The conversion is expected to close no later than Sept. 30.

"We continue to make progress in resolving outstanding debt with the 2007 bondholders. Our discussions with the remaining 2007 bondholders are ongoing. We are evaluating options for reducing the remaining debt balance in an effort to further deleverage the company and strengthen our financial position," said Thomas H. Stoner, chairman and chief executive officer of Evergreen.

As announced on Aug. 25, the company converted and retired $3.14 million of its 8% convertible notes for 981,250 shares of common stock on a post-split basis.

In total, the company expects to have retired approximately $5.8 million of the 8% convertibles, leaving a balance of $21.6 million.

Denver-based Evergreen Energy makes GreenCert software, which measures greenhouse gases and generates verifiable emissions credits, and K-Fuel technology, which improves the performance of low-rank coals.

© 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.