eLandia International Inc. (ELAN.OB) said that it has restructured its capital structure after modifying its credit agreement with Stanford International Bank Ltd.
As a result of the modification, eLandia will eliminate a majority of its long-term debt, while at the same time reducing the total number of its fully diluted shares outstanding.
Under the modified credit agreement, eLandia has terminated SIBL's obligation to lend to eLandia the $28 million balance of the amount committed and in exchange, SIBL has surrendered for cancellation 16.15 million shares of eLandia common stock.
In addition, SIBL has converted the total principal amount outstanding under the loan of $12 million into 1.78 million shares of eLandia's series B convertible preferred stock and agreed to exchange $2.35 million of outstanding principal owed by a subsidiary of eLandia under separate agreement for 344,444 shares of series B convertible preferred stock.
As a result of the modification, eLandia has reduced its common stock outstanding from 40.9 million shares to 24.8 million shares.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.