Ilustrato Pictures International Inc (ILUS)

[Bbbccc]

Love this part!

The company previously disclosed that it was in negotiations with the old debt holders to settle or restructure the debt and it is pleased to confirm that it has successfully signed a settlement agreement with the major debt holder, thereby eliminating the balance of the toxic debt and restructuring a small portion into long term non-toxic debt. This settlement involved a repayment and a last conversion which took place on the 12th of May. ILUS expects this to be handled responsibly as it is not in the debt holder’s interest to dilute the share price since they have no further conversions and will want to exit at the highest possible price. Whilst ILUS is not happy about the final conversion of 80 million shares which has taken place, it is thrilled that it was only 80 million shares converted as opposed to the hundreds of millions of shares that the lender could have converted and thankfully reached an amicable agreement. ILUS is very happy to confirm that there are no further conversions to take place and it is the end of a frustrating chapter for the company. The Shareholders and Management can now confidently focus on building company value and strengthening its overall position in line with its strategy. This restructuring does not appear in the first quarter filings as it was executed in the second quarter.