Biofrontera holders extend term of 8% convertibles, cancel interest

By Jennifer Chiou

New York, July 2 - Biofrontera AG said that holders with a three-quarter majority decided to extend the maturity of the company's 8% convertible bonds due 2010 to July 2, 2012 and cancel interest payments from Aug. 26, 2008 to Aug. 25, 2011.

According to a company news release, the decisions are not legally binding since the required majority of at least 50% of the outstanding bonds was not achieved.

Meeting participants have decided to hold a second creditor's meeting on July 23. The company will seek a positive ruling of 75% of the votes.

Biofrontera is a Leverkusen, Germany, biopharmaceutical company.

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