This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Imperial Executes Conditional Settlement In Bank Lawsuit

(OTCQX: IPMN) Imperial Petroleum, Inc. (“Imperial” or the “Company”) announced today that it has executed a conditional Settlement Agreement with the senior lenders for the Company’s wholly-owned subsidiary, e-Biofuels, in regards to the lender’s lawsuit against the Company. Under the lawsuit the lenders had sought to enforce, among other things, the Company’s guarantee of e-Biofuels’ senior debt in the approximate amount of $7.5 million plus accrued interest of approximately $0.5 million. Under the terms of the Settlement Agreement, the Company will cooperate in the sale of the assets of e-Biofuels by the lender and subject to the completion of that sale, the lender and the Company will stipulate to a Judgment in the amount of $1.0 million with a covenant by the lender not to execute prior to December 31, 2015.

Jeffrey Wilson, President of the Company, said, “Although the Settlement Agreement is conditional upon the sale of the e-Biofuels assets by the lender, a Letter of Intent has been negotiated by the lender with a third party and should proceed to a closing soon. The net result to the Company, upon closing, will be a reduction of approximately $7.0 million in liabilities related to our guarantee of the debt of e-Biofuels and the dismissal of the lender’s lawsuit against the Company. The delay in execution of the Judgment of $1.0 million until December 31, 2015 is designed to provide the Company with ample time to establish cash flow from its oil sand recovery business in order to pay the judgment.”

Forward Looking Statement

This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.

Copyright Business Wire 2010

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs