DALLAS -- EMS company TXP Corp. took another blow last week as a major creditor demanded reimbursement by today.

YA Global on Jan. 8 notified TXP of its default over a failure to pay more than $250,000 and is demanding the company assemble all its pledged property, which YA Global intends to take possession of today.

TXP owed YA Global more than $10.2 million as of Dec. 17.

In an SEC filing, TXP indicated it is in default pay indebtedness in an amount exceeding $250,000, and stated that it is unable to pay its debts generally as they come due.

TXP has been actively seeking financing but could not guarantee sources would be found.

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