Wapme to postpone repayment of convertibles for two days

New York, Jan. 17 - Wapme Systems AG said it will postpone repayment of its convertible bond to Jan. 20 from the scheduled Jan. 18.

The company said it has reached agreement with creditors owning more than 90% of the debentures for the company to buy the securities.

However the company cannot separately repay those bonds held by the remaining investors and the ones it owns, causing the delay.

Wapme said it has the amount available to repay the convertibles still owned by investors.

Interest will be paid for the additional period.

Wapme is a Düsseldorf, Germany-based provider of services and content for mobile phones.

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