Osiris in default on $73.1 million in convertible debt sold to Laurus

By Devika Patel

Knoxville, Tenn., May 13 - Osiris Corp. is in default on approximately $73.1 million in convertible debt that was sold to Laurus Master Funds, Ltd. in November 2004, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

According to the filing, the company stopped making interest payments in September.

On May 9, Osiris received a default notice from Laurus' agent, LV Administrative Services, Inc.

According to the notice, Laurus intends to conduct a public sale of the collateral, consisting of the company's subsidiaries' capital stock.

Osiris, based in Omaha, Neb., manufactures and distributes a line of skid steer and mini skid steer loaders through its subsidiaries, as well as attachments, mobile screening plants and six models of mini excavators.

© 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.