GreenMan Technologies Inc., Lynnfield, Mass., announced today that it has restructured $1,500,000 in long-term debt due to Republic Services of Georgia Limited Partnership.
As the company announced Feb. 14, 2002, GreenMan repurchased and retired all Class B Convertible Preferred stock held by Republic in return for a $1,500,000 promissory note bearing 10 percent interest due March 2007 and 100,000 shares of GreenMan’s unregistered common stock.
Republic agreed to retire the promissory note May 6 in return for 300,000 shares of GreenMan unregistered common stock valued at $750,000 and a promissory note bearing 10 percent interest due March 2007.
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