Metiscan secures $1.97M for debt forgiveness

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Metiscan Technologies, a wholly owned subsidiary of Metiscan, has negotiated approximately $1.97 million in debt forgiveness with its largest unsecured creditor.

Prior to the debt forgiveness, Metiscan owed the creditor approximately $2.49 million in outstanding unsecured debt that had been accrued by its former operators, according to Bryan A. Scot, president and CEO.

Details of the debt forgiveness included forgiveness of approximately $1.23 million in outstanding promissory notes, $100,515 in accrued interest and $642,083 in other loans made to the company since 2006.

Concurrently, management negotiated the refinancing of the remaining balance of the unsecured debt, totaling $526,345, over five years at an interest rate of 8 percent, with principal and interest payments due in one lump sum in December 2013. The $1.97 million in debt forgiveness will be reflected in fourth quarter financial statements, the Dallas-based company said.

Metiscan management is also in the process of renegotiating, restructuring and requesting debt forgiveness from some of its other debtors and creditors, including its newly acquired MRI subsidiaries having operations located in Corpus Christi, Texas and Pottsville, Pa., according to Jacob Cohen, Metiscan's executive vice president.