Zking8841 Zking8841

25-05-2023
Business

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On December 31, 2020, Green Bank enters into a debt restructuring agreement with Kingbird Inc., which is now experiencing financial trouble. The bank agrees to restructure a $1.1-million, 12% note receivable issued at par by the following modifications:
1.Reducing the principal obligation from $1.1 million to $0.88 million
2.Extending the maturity date from December 31, 2020, to December 31, 2023
3.Reducing the interest rate from 12% to 10%

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