Debt restructuring agreement. By looking at past agreements, perhaps we can speculate on what a new one would like. This is an agreement with NIR I found from 2008.
In the first quarter of 2008, the Company entered into discussions with the NIR Group, LLC with the intent of restructuring all of the Company's outstanding debt obligations to AJW Capital Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and New Millenium Capital Partners II, LLC. In September 2008, a payment of approximately $1.3 million was due and payable. The Company did not make the required payment nor did the debt holder issue a default notice, due to the ongoing negotiations. The Company has reached an agreement in principle, subject to the execution of definitive documents, in which the NIR Group, LLC has agreed to consolidate and extend the maturity date on all notes for three years to October 2011. The terms and conditions of this restructuring will be part of the definitive agreement, which the Company expects to execute by the end of November 2008.
