USA Synthetic Chapter 11 filing triggers defaults on notes and units

By Caroline Salls

Pittsburgh, March 23 – USA Synthetic Fuel Corp.’s Chapter 11 bankruptcy filing constituted an event of default under its Sept. 26, 2012 note purchase and unit purchase agreements, according to an 8-K filed Monday with the Securities and Exchange Commission.

Although the agreements call for acceleration of the outstanding principal and interest due, attempts to exercise default-related remedies are stayed under the Bankruptcy Code.

Cincinnati-based USA Synthetic is a provider of clean energy systems. The company filed for bankruptcy on March 17 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 15-10599.

© 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.