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Birch Mountain Defaults On Interest Payment To Convertible Debenture Holders
7/3/2008 8:34 PM ET

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(RTTNews) -  Birch Mountain Resources Ltd. (BMD: News, Chart, Quote , BMD.TO) said it has not paid the interest payment to the holders of the Convertible Unsecured Subordinate Debentures due June 30. Since the company has violated the financial covenant, the lender, Tricap Partners Ltd., has exercised its right under the loan agreement to direct Computershare Trust Company not to pay the interest payment until further notice from the lender.

Birch Mountain said it was working to rectify the breach and secure the necessary additional liquidity to make the interest payment.

by RTT Staff Writer

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