MEDirect Announces Foreclosure Sale by Secured Lenders and Suspension of Business
21 Décembre 2007 - 3:00AM
Business Wire
MEDirect Latino, Inc. (Pink Sheets:MLTO) today announced that its
lenders have concluded foreclosure proceedings and have sold the
Company�s assets under the Uniform Commercial Code. Under its Loan
Agreement, the Company had pledged all of its assets as collateral.
In October 2007 the Company announced that it failed to make
interest payments to its lenders and in November 2007 announced
that it was unable to cure the default and would cooperate with the
lenders in connection with the disposition of their collateral. The
unpaid principal and accrued interest on the loans were
approximately $6.7 million and $504,000 respectively. The
foreclosure leaves the lenders with a substantial deficit. The
Company also announced the resignation of Charles W. Hansen III,
its CEO and only remaining member of the Board of Directors,
effective today.
Medirect Latino (CE) (USOTC:MLTO)
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