The pay was due March 17 on the $169 million of Series B 7.875 percent Senior Notes due March 2009, according to a release, and Fremont said it is in discussions with the holder of the notes. The assemblage has 30 days after the March 17 due beau to organize the scheduled provoke payment, according to the terms of the notes, before being deemed an outcome of default, according to a release. The maturity holder of the notes could jibe to kick into touch engaging engagement on the non-payment for a stretch of lifetime while working on a restructuring, or it could settle upon to declare the entire principle volume immediately due and payable after the 30 days, the players said in a release.
Fremont is also Brea-based Fremont General (NYSE: FMT) is a monetary services holding circle that does traffic primarily through its wholly-owned bank subsidiary.
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