DRAPER — Voice and data communications company I-Link Inc. said Wednesday that the terms of its original restructuring agreement with Counsel Corp. and Counsel Springwell Communications LLC have been amended.
The amendments calls for I-Link to not transfer the shares of WorldxChange Corp. to Counsel Springwell. WorldxChange will instead remain a wholly owned subsidiary of I-Link. Also, Counsel Springwell would not pay I-Link $1 million for expenses incurred by I-Link in connection with the acquisition of WorldxChange.
I-Link's guarantee of indebtedness in the amount of $12.5 million owed by WorldxChange to Counsel will remain outstanding, as will the warrants to purchase 15 million shares of common stock of I-Link that were issued in connection with Counsel's loan to WorldxChange.
Counsel and Counsel Springwell have a current commitment to fund all capital investment working capital or other operational cash requirements of I-Link through April 15.