Osiris reports that Laurus has postponed planned sale of collateral

By Devika Patel

Knoxville, Tenn., June 9 - Osiris Corp. reported that Laurus Master Funds, Ltd. did not proceed with a scheduled sale of the company's assets on May 27.

The company reported in a May filing that it defaulted on about $73.1 million of convertible debt that was sold to Laurus in November 2004. The default was a result of Osiris failing to make interest payments from September onwards.

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

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

According to an 8-K filed Tuesday with the Securities and Exchange Commission, the public sale is being postponed. The company anticipates that the sale will still be conducted, but the sale date has not yet been set.

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.

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