VCG Holding restructures dividend, conversion rate on $9.47 million in convertibles

By Sheri Kasprzak

New York, Sept. 22 - VCG Holding Corp. said it has restructured $9.47 million of its series A convertible preferred stock.

The dividend of the preferreds has been reduced to 10% from 18% and the conversion price dropped to C$2.50 from C$4.00.

According to a statement from VCG, the restructuring will result in about C$750,000 in annual cash savings.

The company presently has 947,000 outstanding series A preferred shares.

Based in Denver, VCG owns and operates nightclubs.

On Thursday, the company's stock slipped $0.02 to close at $2.01.

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