Trimedia Entertainment gets extension on maturity of $4.5 million in convertibles

By Sheri Kasprzak

New York, June 16 - Trimedia Entertainment Group, Inc. said it received an extension on the maturity of $4,514,688 in convertible notes.

The notes now mature Oct. 31, 2006, pushed back from May 30, 2006.

The company had $1.59 million in notes outstanding, but the principal amount was increased by $2,924,688 to reflect the advances received from holder IL Resources LLC.

The 12% note is convertible into common shares at $0.50 each.

The company was unable to make required principal and interest payments on May 1 and on May 30, but these events of default were waived and the maturity extended.

The notes were originally issued on June 8, 2005.

Based in Philadelphia, Trimedia distributes music and films.

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