NeoMedia Technologies Inc. announced that it has reached a preliminary agreement with its primary investor, YA Global Investment, L.P. (YA), to restructure and reduce its debt. The loan agreements, with YA, will be restructured into 6 agreements, down from 32, and will reduce the total debt by $10 million. The terms of restructure and debt forgiveness are however, dependent on the positive results of the current proxy statement surrounding Proposal 5 and 6. Should Proxy 5 and 6 not be approved, YA will not be willing to move forward with negotiating the debt restructure and debt forgiveness.
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- NeoMedia Technologies, Inc. Announces Agreement with Primary Investor, YA Global Investment, L.P. to Restructure and Reduce its Debt