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Elite Pharmaceuticals, Inc. Message Board

  • meifud meifud Dec 28, 2012 4:43 PM Flag

    elite is in a real mess now with the continuing default on the New Jersey bonds

    caution -- this is from the 10k/a filed by elite with the SEC on 9/17/12, and it is ominous in message, and clearly dwarfs in scale the $500k 'bridge' loan that elite got from their ceo as a last resort to simply try and stay solvent. folks, this company is bleeding and needs refinancing in a big way real soon or they are absolutely incapable of doing business with the FDA, funding anything more than minimal R&D, and possibly even losing the certification for their building if not the building itself...

    "The Company does not expect to have sufficient available funds as of September 1, 2012, to make principal payments, totaling $730,000, and consisting of $260,000 due on September 1, 2012, $245,000 which was due on September 1, 2011 and not paid and $225,000 which was due on September 1, 2010 and not paid.

    The Company has received Notice of Default from the Trustee of the NJEDA Bonds in relation to the withdrawals from the debt service reserve, and has requested a postponement of principal payments due on September 1st of 2010, 2011 and 2012, with an aggregate of all such postponed principal payments being added to the principal payments due on September 1, 2013. Resolution of the Company's default under the NJED Bonds and our request for postponement of principal payments will have a significant effect on our ability to operate in the future."

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