Debt Resolve nixes deal to acquire Creditors Interchange
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- September
- 24
Debt Resolve Inc. of White Plains said today that it will not purchase Creditors Interchange Inc. after all.
Since the deal to acquire Creditors Interchange was announced April 30, the terms were changed at least three times, reducing the sales price to $50 million in cash, plus $4 million in stock and a contingent payment of up to $5 million in the most recent revision in September.
James D. Burchetta, the co-chairman and chief executive of Debt Resolve, said in a prepared statement: “We are extremely disappointed we had to terminate our efforts to acquire Creditors Interchange. Unfortunately, the deterioration of the financial condition of Creditors Interchange left us no choice.�
Debt Resolve provides an online system to help parties settle disputes over debt.
This entry was posted
on Monday, September 24th, 2007 at 6:05 pm by Julie Moran Alterio.
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