Hyro Limited (ASX : HYO) advises that it has received advice from Lehman Brothers Commercial Corporation Asia Limited (LBCCA”) regarding the impact of recent announcements from their ultimate parent company, Lehman Brothers Holdings Inc and their filing for Chapter 11 bankruptcy protection in the United States.
LBCCA has advised Hyro that these filings DO NOT extend to this entity and as such, the previously announced deal to convert a $20 million convertible note facility and accrued interest into equity in Hyro Limited is expected to proceed as negotiated.
Hyro Limited and LBCCA continue to work together to bring about a timely conclusion to this transaction. Having satisfied the reason for the requested Trading Halt, Hyro now seeks the lifting of the Trading Halt and the reinstatement of trading of Hyro shares.
For further information call:
Bill Votsaris Chief Executive Officer Hyro Limited 1300 800 500 +61 3 9673 7300 (Int’l)
Leanne Ralph Company Secretary Hyro Limited (02) 9215 4222
convertible note conversion to go ahead.
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