GreenShift Enters into Agreements to Reduce and Restructure Debt
Reducing debt will lead to increased strength and enhanced capabilities to win new business,” said Kevin Kreisler, GreenShift’s chairman and chief executive officer. “The new agreements with YA Global provide a realistic mechanism to achieve this while we continue to service the needs of our clients.”
“A key challenge and objective for us is to repay YA Global’s investment in cost-effective ways while minimizing the issuance of common stock as much as possible. YA Global provided us with most of the funds we needed to develop and commercialize our patented and patent-pending technologies, and has been and remains a strong and flexible partner for our business, and we are pleased to have the opportunity to continue to partner with them in this new transaction as we achieve our goals to create value for our clients and shareholders. We look forward to satisfying the conditions for closing of the joint venture transaction and pressing forward,” said Kreisler.
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SkunK
Monday, June 21, 2010
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All of the COES will now be based on a 20% royalty. Y/A has the resources to complete the unfinished systems so they run at 100% capacity instead of 50%. In exchange, up to 17.7M in debt is gone and the insiders have expressed a willingness to eliminate the remaining debt. A healthier Greenshift will gain the trust of more ethanol producers, IMO. Also, we now have 2-1/2 years to pay the rest of the debt. Surely this is plenty of time to win the lawsuits.
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