April 29, 2008
Framingham Software Co. Undergoes Restructuring
By Matthew L. Brown
Framingham-based software company Firepond Inc. has received $1.5 million in equity financing and has pushed back the maturity dates of some of its debt.
The company said the restructuring and investment would give the company "time and stability to execute on their business plan."
The company said the equity financing came from FP Tech Holdings LLC, an affiliate of private investment firm Acclaim Financial Group LLC and TechDev Holdings LLC. The investor also "indicated its commitment" to invest $500,000 more in July. FP Tech has agreed to invest another $1 million to refinance debt and to fund company expansion. FP Tech has also agreed to convert $440,000 of Firepond's debt to common stock.
The refinancing also pushes the maturity of $5.3 million of the company's loans to Dec. 31, 2009 and $3.9 million in other loans to July 2009. The company said the holders of those loans have also agreed to remove restrictions to refinancing the loans.
The company said the restructuring and investment would give the company "time and stability to execute on their business plan."
The company said the equity financing came from FP Tech Holdings LLC, an affiliate of private investment firm Acclaim Financial Group LLC and TechDev Holdings LLC. The investor also "indicated its commitment" to invest $500,000 more in July. FP Tech has agreed to invest another $1 million to refinance debt and to fund company expansion. FP Tech has also agreed to convert $440,000 of Firepond's debt to common stock.
The refinancing also pushes the maturity of $5.3 million of the company's loans to Dec. 31, 2009 and $3.9 million in other loans to July 2009. The company said the holders of those loans have also agreed to remove restrictions to refinancing the loans.
WBJ Web Partners
Most Recent
Most Recent
0 Comments