American Standard subsidiary defaults on convertible promissory notes

Company defaults by failing to pay off notes held by Pentwater, PWCM

By Devika Patel

Knoxville, Tenn., Dec. 6 - ASEN 2, Corp., a subsidiary of American Standard Energy Corp., defaulted on its secured convertible promissory note, according to an 8-K filed Friday with the Securities and Exchange Commission. The note was issued to Pentwater Equity Opportunities Master Fund Ltd. and PWCM Master Fund Ltd. in a private placement that priced on April 5 and settled on July 23.

The note matured on Dec. 1, 2013, a Sunday, and payment was due on Dec. 2, the next business day, but ASEN failed to pay off the note.

As a result of this default, the investors may start legal action to collect the note's collateral or exercise other rights under note's terms.

American Standard is an oil and gas exploration and production company based in Scottsdale, Ariz.

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