Brief: American DG Energy announces significant reduction in debt

Aivita

04/05/2016 16:00

May 4 (Reuters) - American Dg Energy Inc  ADGE.A  
    * American DG Energy announces significant reduction in debt 
    * Exchanged about 22% stake in European unit, for 
elimination of portion of outstanding 6% convertible debentures 
due may 2018 
    * Company has enough money to complete planned site 
improvements and backlog of projects 
    * Company is pursuing a similar debt exchange transaction 
for remaining convertible debt outstanding 
    * American DG Energy reduced convertible debt outstanding to 
$9.2 million 
    * American DG Energy Inc says execution of a series of 
transactions that eliminate a portion of company's outstanding 
convertible debt 
    * American DG Energy Inc says in total, transactions 
eliminated $9.3 million in convertible debentures 
    * American DG Energy Inc - Although cannot currently finance 
any new projects, management continues to explore all 
alternatives for business going forward 
 
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