Report: SoloPower in default on state loan

SoloPower says it's restructuring, but nonetheless missed a state loan payment that put it in default with Oregon's energy department, according to a published report.

SoloPower says it's restructuring, but nonetheless missed a state loan payment that put it in default with Oregon's energy department, according to a published report.

SoloPower has apparently defaulted on a $10 million loan from the state of Oregon.

The Oregonian newspaper reported that state officials confirmed Wednesday that the Department of Energy issued a notice of default after SoloPower missed a weekend payment deadline.

SoloPower CEO Rob Campbell, however, told the paper that a missed $117,000 payment was "all part of the overall process" of a restructuring the company announced earlier on Wednesday.

SoloPower, which makes lightweight solar modules, had issued a release revealing that an agreement in principle was reached with its major secured creditors on a "comprehensive restructuring plan" that would provide financing for the company's future expansion

The company had announced last month it planned to move its headquarters to Portland. However, SoloPower also suspended operations at its Portland plant June 17.

"This agreement will enable SoloPower to seek new strategic partners to enable continued production at the Portland facility and advance our innovative lightweight PV technology," Campbell said in the release. "We are confident that we are on the right path and appreciate the support of our secured creditors.”

Campbell also said SoloPower will continue with its plans to move its headquarters into Portland.

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