Oragin Foods defaults on convertibles, in talks with holders

By Marisa Wong

Los Angeles, Oct. 28 – Oragin Foods Inc. received notices of default from holders of its convertible debentures, which were issued on Oct. 25, 2019 and matured on Oct. 25, 2022, according to a Friday press release.

The company and the debentureholders have been in discussions leading up to the maturity date; however, the holders provided the notices of default Thursday evening.

Under the terms of the debentures, the company now has 10 business days, the last such day being Nov. 10, to remedy the default.

If the company does not remedy the default by the end of the cure period, at that point a technical event of default will have occurred.

The holders are unsecured creditors.

The company said it intends to continue discussions with the holders and is also continuing to evaluate options that would allow for the repayment of the debentures.

Oragin Foods is a Canadian food company based in Toronto.

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