Nerox Energy Corp. said Monday it plans to restructure about $2 million in debt by converting its outstanding liabilities into common shares priced at $1 each.
The energy company, which is developing coal reserves in Alaska, said the plan will improve its balance sheet by converting debt into stock "at significantly higher than current market value." Nerox said it expects to complete the restructuring by the end of the month. It has been approved by the majority of the company's creditors, Nerox said.
Shares of Nerox Energy, which trade over-the-counter, closed at 34 cents, up 4 cents.