Dalrada Financial Corporation Reports Long-Term Debt Repayment
Thursday January 5, 5:00 am ET
SAN DIEGO, Jan. 5 /PRNewswire-FirstCall/ -- Dalrada Financial Corporation (OTC Bulletin Board: DRDF - News), announced today that it has settled more than $5 million of debt, which will be reflected in its quarterly report for the period ended December 31, 2005.
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In December 2005, Dalrada was able to settle more than $5 million of debt for payments of less than $350,000. "As we continue to improve our operating results, we have begun to leverage our borrowing power to retire Dalrada's indebtedness to banks and other creditors that have been outstanding for some time," said Brian Bonar, CEO. "We have been able to negotiate suitable terms with our creditors, which may result in one-time income gains in the next few quarters," Mr. Bonar added. In December, the Company borrowed $600,000 in order to repay certain past due long-term indebtedness.
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