Hydrogen Power gets forbearance agreement for convertible promissory notes

By Laura Lutz

Des Moines, Aug. 21 - Hydrogen Power, Inc. received a forbearance agreement in relation to its convertible promissory notes issued in March 2004, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Hydrogen Power owes $946,981.55 to Pandora Select Partners LP and Whitebox Hedged High Yield Partners LP, according to the filing.

Under the agreement, Hydrogen Power agreed to make a payment of $300,000 on Aug. 14, make a final payment of $646,981.66 by Oct. 15 and deliver the 3.5 million common shares of FastFunds Financial Corp. that served as collateral for the notes.

The company missed a required payment of about $149,000 in August and is not in compliance with a requirement to maintain cash balances of 140% of the outstanding principal amount, according to an 8-K filed on Aug. 10.

The company received a default notice from Pandora and Whitebox on Aug. 6.

Seattle-based Hydrogen Power makes technology for producing hydrogen.

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