[Source: PRLog] – ImmuneRegen BioSciences Inc.®, a wholly-owned subsidiary of IR Biosciences Holdings Inc. (OTCBB: IRBS), today announces the successful restructuring and reduction of debt totaling nearly $10 million.
The successful reorganization consists of two parts. First, approximately $3.6 million of debt with YA Global Investors, of which $1.5 million was callable as of December 2009, is now redated to December 31, 2011. Second, approximately $5.9 million of debt with Brencourt Advisors has been exchanged for company preferred stock, which is convertible to common stock at 30 cents per share, representing a premium to today’s market price.
For more information: ImmuneRegen BioSciences Completes Successful Reduction of Debt