Environmental Power defaults on 14% convertibles interest payment

By Devika Patel

Knoxville, Tenn., Jan. 8 - Environmental Power Corp. failed to make a $560,000 semi-annual interest payment on its $8 million of 14% convertible notes due Jan. 1, 2014, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The payment was due on Jan. 4 and if the company doesn't resolve this by Feb. 3, it will be in default under the notes, the filing said, and investors may accelerate the convertibles and demand payment.

Tarrytown, N.Y.-based Environmental Power is a developer, owner and operator of biogas renewable energy projects.

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