Replies to post #25722 on Integrated Freight Corp (fka IFCR)

[mikeo56]

Integrated Freight Corporation Provides Updates on Parent Company Debt

DANBURY, CT -- (Marketwired) -- 06/21/16 -- Integrated Freight Corporation (OTC PINK: IFCR) announced today an update on outstanding litigation and creditors at its parent level. This report does not update on its subsidiaries, which are not subject to the Company's ongoing restructuring effort.

Management notes the following relating to its parent company only as presented in its FYE 2015 financials:

There is approximately $10,000,000 total debt at the parent level.
Included in the $10,000,000 is $8,700,000 of judgment creditor claims. Of these: 57% is held by an individual 23% is held by a fund, or its principals, and IFCR management legacy note holders.
The remaining indebtedness relates to: 7.7% is current litigation that is in various forms of settlement and considered working litigation. 5.6% relates to fees or accounts payable in the normal course with no corresponding litigation.
In 2015, the IFCR Board of Directors approved the creation of classes of preferred stock that would be utilized to resolve a majority of the above mentioned claims. Based on current discussions regarding Items 2a and 2b above, management anticipates a significant write down of these claims. The Company may also issue a portion of its new class of preferred as an inducement in these settlements.

With regard to Items 3a and 3b above, these settlement discussions will continue or will be paid.

The Company was recently made aware of a judgment claim in excess of $8,000,000. Management has held weekly discussions with counsel for the creditor and believes the claim will be settled, in terms, prior to June 2016 month end.

About Integrated Freight Corporation

Integrated Freight Corporation (OTC PINK: IFCR) provides long-haul, regional and local motor freight service. For its customers, the Company provides dry van and hazardous waste truckload services in well-established traffic lanes in the Upper Midwest, Texas, California and along the Atlantic seaboard. For its shareholders, Integrated Freight acquires operating motor freight companies that build, maintain and deliver shareholder value. The Company's corporate mission is to be the best niche motor carrier in North America.

Forward Looking Statements


Source: Integrated Freight Corporation