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Brianhunter In Default

Brianhunter In Default

Brainhunter Inc. says it has received notice from its bank that the company is in default.

The staffing company said it is prohibited from making any distribution to the holders of its approximately $10.7 million in term promissory notes. The bank has not exercised its enforcement rights or demanded repayment of the principal owing on the $26 million operating credit facility, the company said.

Brainhunter said it has received several proposals from groups regarding its strategic review and continues to explore and discuss the proposals.

Brainhunter operates online employment boards in Canada and the United States and develops software used by large companies to help manage their staffing.

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