3Power agrees with creditors to convert debt into equity

3Power agrees with creditors to convert debt into equity

Dec 27, 2011 - US clean energy utility 3Power Energy Group (OTC:PSPW) said Monday it had finalised a number of settlement agreements with debt holders to convert their debts into 3Power equity.

The move will allow the company to improve its balance sheet and support the project funding process, it said. To complete the deals, it will issue shares and warrants.

Falak Holding LLC held the bulk of the converted debts, 3Power added.

Last week the company unveiled plans to set up a branch in the UAE to back its investments activities in projects in the Middle East.

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Published Dec 27, 2011 9:20 CEST

Author Tsvetomira Tsanova

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Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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