On Tuesday, there were a large number of companies that had come into the news cycle for news or other reasons, and many of those would be in focus today as investors looked for stocks to watch. One of the companies that hit the news cycle yesterday was Vaycaychella Inc. (OTC:VAYK). It announced on Tuesday that it had been successful in boosting its net equity to the tune of more than $2.5 million.
The boost in net equity came about after the company had been successful in coming up with an agreement for debt reduction with its investors and debtors over the course of the past few fiscal quarters. It was also noted in the news release that the majority of the debt had been eliminated without any kind of reciprocal consideration.
The Chief Executive Officer of Vaycaychella Bill Justice spoke about the development as well. He noted that the lion’s share of the debts that had been eliminated originated due to agreements that had been inked more than a decade ago. At the time, the company had been under different management, had a wholly different business, and even the name was different, he added. He went on to add that the debts in question were not even held by the parties who had originally signed them.
Justice stated that in such a situation and following the onboarding of new investors, it had been possible for the company to convince some of the legacy debt holders that it may have been a good time to walk away. The CEO also thanked the debt holders and expressed his gratitude for having forgiven the legacy debts of the company. The agreements resulted in the reduction of more than $2.1 million of the company’s debts. It remains to be seen if the developments lead to any attention for the Vaycaychella stock.