Converted Organics Completes Restructuring Transactions

by Benzinga Staff
October 19, 2010 8:38 AM | 30 seconds read |

Converted Organics Inc. COIN today announced that it has completed a series of transactions that have eliminated a total of $19.3 million in debt, $2.3 million in liabilities and approximately $22.0 million in future interest and lease payments related to the Company's manufacturing Facility in Woodbridge, NJ, while adding $600,000 in cash to the Company's balance sheet.

 

  • Company Eliminates $43.6 Million of Outstanding Debt, Liabilities and Future Obligations
  • 2011 Expected Cash Savings of Approximately $9 Million
  • Two Oppenheimer Funds Become Preferred Equity Shareholders
  • $600,000.00 in Cash Added to the Balance Sheet

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