Qiao Xing Universal restructures $26 million in unsecured convertibles

By Devika Patel

Knoxville, Tenn., Nov. 4 - Qiao Xing Universal Telephone, Inc. said it restructured its $26 million in unsecured convertible notes, which were issued in a private placement in October 2006.

The company issued $24 million in new non-interest-bearing notes and 2.4 million common shares to the two noteholders. The new notes are convertible into common stock and due on July 3, 2010.

The noteholders have also waived the interest accrued on the old notes over the first ten months of 2009 as part of the restructuring.

"We think the restructuring will ultimately benefit both the company and our shareholders," chairman and chief executive officer Wu Rui Lin said in a press release. "The amended and restated notes gave us more flexibility, and we may keep more cash to catch additional opportunities in the resource industry."

Huizhou, China-based Qiao Xing Universal manufactures and distributes telecommunication products in China.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.