US Evergreen Energy converts debt into stock

(ADPnews) - Sep 30, 2010 - US clean-tech company Evergreen Energy Inc (NYSE:EEE) has agreed to convert USD 2.8 million (EUR 2.1m) of the outstanding amount of its 2007 notes into over one million common shares, as part of a plan to deleverage the firm and enhance its financial position.

The transaction is to be completed by September 30, the company said in a statement yesterday.

Near the end of August, Evergreen struck a similar deal, which resulted in the conversion of USD 3.1 million of debt into some 981,000 shares. After the current transaction, the company has around USD 21.6 million outstanding of the 2007 convertible notes. It said it continues to discuss with holders ways to retire the remainder of the 2007 notes, which bear an interest of 8%.

(USD 1 = EUR 0.736)

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