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Article: NEW WORLD POWER ANNOUNCES COMPLETION OF DEBT RESTRUCTURING, PROGRESS IN DEVELOPING AND SELLING ASSETS, POTENTIAL WRITE DOWN OF ASSET VALUES AND POSSIBLE DELISTING BY NASDAQ
- Article from:
- PR Newswire
- Article date:
- June 3, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LIME ROCK, Conn., June 3 /PRNewswire/ --- The New World Power Corporation (Nasdaq-NNM: NWPC) announced today the successful completion of the restructuring of its debt arrangements with its two major secured lenders. This restructuring will provide current funds and assist New World in carrying out its 1996 business plan for both the development and the sales of power production assets.
New World's $15.7 million 8% subordinated convertible loans from a group lead by the Robert Fleming & Co. Ltd. will now mature on July 31, 1997, with interest on the restructured notes during 1996 to be paid with the issuance of additional notes and warrants. Also, interest and ...