PacificNet Agrees To Pay $6.2M To Bondholders

Law360, New York (September 4, 2008, 12:00 AM EDT) -- Asia-based mobile game technology and e-commerce company PacificNet Inc. has announced a settlement agreement binding it to pay off $6.2 million it owes to bondholders that filed an involuntary Chapter 11 bankruptcy petition earlier this year.

PacificNet agreed to amend the terms of outstanding convertible debentures and to make all payments due to the bondholders by July 25, 2009, to settle the bankruptcy proceeding lodged in the U.S. Bankruptcy Court for the District of Delaware in March, the company said in a statement Thursday.

The company...
To view the full article, register now.