Too Much Debt Lawsuit
Titan Oil and Gas to pay $179,477 settlement in financial lawsuit.
Too Much Debt
Austin, TX: (Apr-28-08) Maupin and others brought a lawsuit against Titan Oil and Gas Inc. over issues related to the company's debt. Officials from both companies stated that the two sides have reached a settlement in the case, in which following negotiations, Titan Oil and Gas will pay an amended amount of $179,477. The payout has been reduced by over $300,000 from the original $486,595 judgment, which is a 62% reduction over the initial amount sought by the plaintiffs.Under the terms of the agreement, the company will pay the debt over a 36 month period. The deal stipulates that Titan Oil and Gas is only responsible for repaying the principle amount, as there is no interest payment requirement stated. Officials claimed that the agreement was made on the strength of the new business model and anticipated cash flows, which was seen as integral to meeting the terms of the settlement agreement. [BUSINESS WIRE: TITAN OIL AND GAS SETTLES MAUPIN LAWSUIT]
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