ThermoEnergy Restructures Debt
ThermoEnergy Corp., the Worcester-based industrial wastewater treatment technology company, will have an extra year to pay off its debt, thanks to a restructuring plan the company's investors have agreed to.
The company's convertible debt was due in May 2010, but officials recently negotiated an extension to pay off the debt until February 2012. As part of the restructuring, ThermoEnergy will make monthly installments to pay off the debt and debt holders have the option of converting the debt into ThermoEnergy stock at any time.
In the company's latest quarterly earnings report in November, ThermoEnergy reported that it has more than $18 million in liabilities, including $5.3 million in convertible debt outstanding. Revenues for the company fell during the third quarter compared to the year earlier from $907,000 to $641,000, but the company's net loss also fell from $4.6 million last year to $922,000.
Click here to read an article about Marlborough-based Evergreen Solar's use of convertible debt.
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