PetroHunter announced that its largest secured creditors, Global Project Finance and Renn Capital, extended the maturity date of $44.65 million of debt to December 31, 2014. PetroHunter paid accrued interest to these creditors with restricted shares of its common stock, valued at $0.125 per share. Going forward, interest will be accrued but paid at maturity, together with the debt principal.
PetroHunter will try to obtain similar agreements from holders of approximately $3 million of secured debt.
These agreements greatly reduce PetroHunter's cash commitments through 2014, and enhance its ability to focus on operations.
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