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The Automotive Resource Network Holdings, Inc. (ARNH) Announces That It Has Reached A Memorandum Of Understanding With The Majority Of Its Existing Non Affiliate Debt Holders To Retire Their Debt, For Convertible Preferred Stock
The Automotive Resource Network Holdings, Inc. (ARNH) Announces That It Has Reached A Memorandum Of Understanding With The Majority Of Its Existing Non Affiliate Debt Holders To Retire Their Debt, For Convertible Preferred Stock.
About this update from Za Group Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\nThe Automotive Resource Network Holdings, Inc. (ARNH) Announces That It Has Reached A Memorandum Of Understanding With The Majority Of Its Existing Non Affiliate Debt Holders To Retire Their Debt, For Convertible Preferred Stock\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nThe Automotive Resource Network Holdings, Inc. (ARNH) Announces That It Has Reached A Memorandum Of Understanding With The Majority Of Its Existing Non Affiliate Debt Holders To Retire Their Debt, For Convertible Preferred Stock\n\nPR Newswire\n\nNEW YORK, March 14, 2013\n\n\n\n\n\n\n\nNEW YORK, March 14, 2013 /PRNewswire/ -- (Pinksheets: ARNH) The Automotive Resource Network Holdings Inc.'s CEO, Kathleen Roberton, is pleased to announce that a memorandum of understanding has now been reached with the majority of the non-affiliate debt holders in the Company. The Restructuring and Reorganization of the majority of the debt is now complete. The Automotive Resource Network Holdings Inc. will be retiring the good majority of its debt, held by non-affiliates, to Convertible Preferred E Series Stock. These securities will be the backbone of the S1 registration that ARNH will be aggressively pursuing. Any outstanding non affiliate debt that has not signed off to this agreement, will have to be part of a registration statement with the SEC. Moving forward, ARNH will not issue any further resolutions outside of its existing contractual obligations, to allow its bond holders to convert debt into equity, without a registration statement.\n\n\nCEO Kathleen Roberton states, \"We are following our Three Step Plan. Our first objective was to remove affiliate and non-affiliate debt from the balance sheet. The majority of the affiliate debt was retired for the Convertible Preferred Series E Class shares, and now we have commitments from the majority of the bond holders to retire the principal portion of their debt for the same class of securities. Our agenda, all along, was to bring our debt to equity ratio below 50%, without destroying investor confidence, and we are going to be ...