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EFactor Group Receives Notices of Default

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On February 16, 2016, EFactor Group Corp. received a notice of default from Magna Equities II, LLC on the convertible promissory notes issued by the Company. Pursuant to the Notes, the Company is required to either repay Magna 135% of the aggregate principal amount of $357,500 and accrued interest at a rate of 12% per annum in cash or convert the Notes into shares of the Company’s common stock. On February 18, 2016, the Company received a notice of default from Increasive Ventures B.V. under an unsecured loan agreement for its failure to repay the full amount due under the Loan Agreement by the maturity date. Under the Loan Agreement, the Company is required to pay Increasive $1,250,000, representing principal of $1,000,000 and an original issue discount of $250,000. The Company and Increasive are currently in discussions regarding the Loan Agreement.  Read more on distressed companies.

The post EFactor Group Receives Notices of Default appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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