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Hmmm...If FIGA pays B-I-G, thennnnn...

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Flatsixer   Monday, 01/14/08 04:03:49 AM
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Hmmm...If FIGA pays B-I-G, thennnnn...

"Home Solutions of America (OTC: HSOA), a provider of restoration, construction and interior services to commercial and residential customers, said late Friday that the company failed to make the required quarterly installment to its bank lending group in the amount of $1,250,000. In addition, HSOA did not pay accrued interest totaling $885,074.

As a result, the bank group has the right to declare an event of default under the credit facility, although it has taken no action to date. The Company said it was in discussions with its bank lending group regarding the terms of an extension (bank loan was expected to be refinanced prior to year-end) and amendments that will address the missed payment.

The company's ability to survive appears to hinge on whether it receives an insurance payment from the Florida Insurance Guarantee Association (FIGA), which could generate gross proceeds of as much as $40 million. The stock fell another 19 cents to close the week at $0.76."


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