PacificNet Inc. has come under a sue agreement with bondholders in a Delaware federal bankruptcy court. According to this agreement, PacificNet has renovated certain terms in its bonds at an amount of approximately $6.2 million. It has been precise in the agreement that under the bond terms, PacificNet has paid $150,000 of the obligations and issued 668,322 shares of common stock to the bondholders.

The residual amount of approximately $5.5 of the bond will converted at a conversion cost of $2.00 per share. They agreed to make 10 monthly payments, under the conditions of bond. The entire due obligation will be cleared before July 15, 2009 by the company. Finally, all the proceedings will have discharge without discrimination.

Home