Silverstar in default on $7.5 million convertible debentures

By Devika Patel

Knoxville, Tenn., March 20 - Silverstar Holdings, Ltd. is in default on a $7.5 million issue of convertible debentures, according to an 8-K filed Friday with the Securities and Exchange Commission.

According to the filing, the company failed to make its March 1 interest payments on the debentures.

Additionally, the company's common stock was delisted from the Nasdaq Capital Market on March 12, also a default under the notes.

On March 16, the company received default notices from GCP O & G I LLC and Harborview Master Fund LP.

It received a default and acceleration notice from GCP on behalf of itself and other investors on March 17.

The company said in the filing that it owes the investors $8.73 million, plus interest under the debentures. It said it is considering its responses to the notices.

Based in Boca Raton, Fla., Silverstar is a publisher and developer of interactive entertainment software.

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