Jan 27 (Reuters) - Terrace Energy Corp TZR.V :
* Announces delay in paying interest on oustanding 8% convertible notes
* Reviewing strategic alternatives to preserve liquidity and its ongoing
business and may seek to restructure the terms of the notes
* Says interest deferral will result in approximately $800,000 net cash savings
for the quarter
* Will not be making the January 31, 2016 interest payment on its 8%
convertible unsecured notes due 2018
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