Vertical Branding once again defers payments on convertibles

By Devika Patel

Knoxville, Tenn., Feb. 25 - Vertical Branding, Inc. has once more deferred principal payments of $581,000 due on its $2.3 million in subordinated secured convertible notes, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The payments were originally due from August through December and had been deferred to Jan. 5.

On Feb. 20, the company and Gottbetter Capital Master Ltd., the holder of the notes, agreed to defer the payments once again to March 3. This deferral also includes the January and February principal payments, which together total $412,000.

Vertical Branding, a consumer products company based in Encino, Calif., said it is trying to restructure the notes.

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