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Birch Mountain Resources Ltd.
Subordinate Debenture interest default
August 17th, 2008
Birch Mountain Resources Ltd. ("Birch Mountain" or the "Company") (BMD: TSX and AMEX) announced that it was not able to make the semi-annual payment of interest due on June 30, 2008, on its Convertible Unsecured Subordinate Debentures (the "Debentures") prior to the expiry of the default curative period on July 30, 2008. As disclosed in the news release dated July 3, 2008, as a consequence of the Company being in breach of a financial covenant under its senior secured credit facility, the Lender, Tricap Partners Ltd., has exercised its right under the loan agreement to direct The Trustee, Computershare Trust Company of Canada, not to make the scheduled interest payment on the Debentures...
Source: Pharma Investments, Ventures & Law Weekly (2008-08-17)
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