EPiC Energy Resources, a provider of engineering, management consulting, training and data management services to the energy industry, has successfully entered into an Amendment Agreement with the holders of its 10% Secured Debentures.
The current debenture holders have agreed to the revised terms maintaining the face value of the notes and the existing 10% interest rate along with both the Company and the holders agreeing to waive any known defaults and penalties, including those associated with the delay in making the December 2008 payment.
"This is an important step for EPiC in that we worked closely with a number of our large debt holders to craft a revised agreement that is good for EPiC shareholders while also providing the security and returns for our senior debt holders. Having this Amended Agreement in place will allow us to continue to focus on delivering quality projects for clients while also managing our costs in a tough market environment," stated Rex P. Doyle, Chief Executive Officer.
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