York says agreement to sell Trinidad project, standstill with bondholders ends

New York, Nov. 21 - York Research Corp. said its agreement to sell its Trinidad project to NRG Energy, Inc. terminated as did its standstill agreement with the holders of more than two-thirds of the $150 million of 12% senior secured bonds due Oct. 30, 2007 issued by York Power Funding (Cayman) Ltd.

York Research said it intends to continue negotiations with bondholders and creditors as well as looking at selling or refinancing the Trinidad Project and its other assets.

Under the standstill agreement, the holders had said they will not seek acceleration of the bonds nor will they take any action over the bond collateral.

York agreed to provide information to the bondholders and to consult with them on its projects and in negotiations with other creditors.

York defaulted on the bonds when it failed to make the $10.345 million interest payment due Oct. 30 within the grace period expiring Nov. 9.

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