LOS ANGELES, CA / ACCESSWIRE / June 18, 2015 / LOS ANGELES, CA - Bitzio Inc. d/b/a Democratique (BTZO) announced that it is in conversations with key creditors and aims to release details of a debt restructuring plan involving the majority of the debt payable from its balance sheet.
"We are pleased with the early support of our creditors as we move forward in implementing a debt restructuring plan to strengthen Bitzio's financial condition and better position the Company for future growth and success," said Hubert Blanchette, Bitzio's Chief Executive Officer.
The Company is working with its creditors to finalize terms of a financial restructuring plan which would significantly reduce debt and interest payments and result in a stronger balance sheet for the Company.
"We need to restructure our debt before we can complete any further acquisitions," Blanchette continued. "We have been in negotiations with our lenders, and I believe we will achieve a comprehensive debt restructuring that will allow us to pursue acquisition targets that we have deemed important to creating shareholder value."
