Mint cannot make March 31 payments on series A, series C debentures

By Caroline Salls

Pittsburgh, March 30 – The Mint Corp. will not have sufficient funds to pay the installment of interest due March 31 on its series A debentures and its series C debentures, according to a news release.

Mint said it is discussing a compromise with the holders of those debentures.

The company said the amount owed on the C$49.02 million principal amount of series A debentures is C$582,867 of accrued interest. The amount owed on the C$10 million principal amount of series C debentures is C$135,616 of accrued interest.

On Feb. 22, Mint announced that it did not have sufficient funds to pay the principal and interest on the series B debentures due on March 7, 2017 and that it intended to make a proposal to the holders of those debentures.

The company said it intends to approach the holders of the series B debentures with a compromise proposal once its discussions with the holders of the series A and series C debentures have evolved.

The amount owed on the series B debentures is C$3.45 million in principal, C$25,861 of accrued interest and bonus interest of C$1.04 million.

Mint provides prepaid financial products and services and is based in Toronto.

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