| TXP Gets Default Notice |
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| Written by Mike Buetow | |||
| Friday, 02 January 2009 05:27 | |||
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DALLAS -- TXP Corp. has received a default notice from a major investor claiming the EMS provider owes more than $10 million. YA Global Investments notified TXP on Dec. 11 of the company's failure to pay a sum of more than $250,000, and claiming TXP is "unable to pay its debts generally as they come due" and of "failure to pay its debts as they come due." In the letter, YA Global demanded TXP immediately repay all of its obligations, a sum of $10.2 million as of Dec. 17, inclusive of accrued and unpaid interest. The complaints relate to a securities purchase deal TXP and YA Global signed last spring. TXP is in negotiations with YA Global to reach an resolution, and is seeking sources of financing in order to redeem the outstanding debt owed to YA Global and to resume operations.
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