Law & Health Weekly
Welcome to NewsRx!
Learn more about a six-week, no-risk free trial of Law & Health Weekly
We're a pay-per-view site for premium content. If you'd like to purchase this article, it's only $3.00.
Favrille, Inc.
Favrille Announces Resolution of Debt Obligations and Plans for Maximizing Assets
July 26th, 2008
Favrille, Inc. (NASDAQ:FVRL) announced that it has come to an agreement with its secured creditors, General Electric Capital Corporation and Oxford Financial Corporation (Lenders). The agreement follows Favrille's recent announcement that the Lenders had received approximately $8.8 million as repayment of the outstanding principal, accrued interest and certain costs. Acceleration of the loan was triggered when the Company's cash fell below the $14.5 million minimum cash covenant on May 30, 2008. Under terms of the agreement, the Company reimbursed the Lenders an additional $47,000 of transaction costs. The Lenders have been paid in full and, therefore, have agreed to release the general...
Source: Law & Health Weekly (2008-07-26)
|
