SoloPower has defaulted on a $10 million loan, state officials
confirmed late Wednesday, the same day that executives at the struggling
solar panel maker announced they were near a deal to restructure debt and reorganize in Portland.
Chief executive Robert Campbell said major creditors have agreed to
terms that focus on rebuilding the organization in Portland, where the
company originally planned to build a $340 million factory and employ
hundreds.
Those plans derailed earlier this year, shortly after the company
built out its first manufacturing line. SoloPower has shed most of its
workforce in recent months, struggling to start up in a market flooded
with cheap panels manufactured in China.
READ MORE: http://www.oregonlive.com/money/index.ssf/2013/07/solopower_defaults_on_10_million_state_loan_nears_restructuring_deal.html
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