Plandai Biotechnology Inc (PLPL)

[AskMuncher]

$PLPL Plandai Announces Cancellation and Release of Legacy Debt
Press Release | 12/09/2021


On December 3, 2021, Plandai Biotechnology, Inc. executed a settlement agreement and release of claims with legacy creditor Berkshire Capital Management Co., Inc.



Pursuant to the terms of the settlement, in exchange for a mutual release of all claims, Berkshire agreed to release Plandai from any and all obligations to pay principal and accrued interest under unsecured promissory notes totaling principal of $6,900,000.



Tad Mailander, Plandai's interim CEO, commented: "I am pleased to have resolved these legacy debts in favor of the Company and its shareholders. Removing this material debt from the Company's balance sheet will positively impact future plans, as it advances all of the company's current financial priorities focused on reducing debt and improving financial flexibility."