CanArgo defaults on convertible debt

By Devika Patel

Knoxville, Tenn., Jan. 2 - CanArgo Energy Corp. said it is in default on its senior subordinated and subordinated convertible debt.

The debt is held by certain accredited investors arranged by Ingalls & Snyder LLC and Persistency Capital LLC. The company owes $868,000 in interest payments to the investors.

CanArgo says it has not yet received any default notices and it is engaged in discussions with the note holders in an attempt to resolve the situation.

CanArgo is an oil and gas exploration and production company based in Guernsey, Channel Islands.

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