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Published: Wednesday, 10/10/2012

State agency mod­i­fies Xun­light loan dead­line, follows last week's stipulation on different loan

BLADE STAFF

COLUMBUS — The Ohio Air Qual­ity Devel­op­ment Au­thor­ity's board is giv­ing Toledo-based Xun­light Corp. un­til Oct. 15 to raise $3 mil­lion, a stip­u­la­tion of a mod­i­fied loan agree­ment with the state.

If the com­pany fails to raise fund­ing by that date, it could be in de­fault and the agency could be­gin a col­lec­tions pro­cess. Xun­light failed to meet a pre­vi­ous Sept. 30 dead­line to raise the $3 mil­lion.

Last week, the Ohio Depart­ment of Devel­op­ment also set an Oct. 15 dead­line on a sep­a­rate $3 mil­lion loan. Den­nis Ke­brdle, Xun­light’s chief tran­si­tion of­fi­cer, told The Blade last week that the com­pany was close to se­cur­ing the ad­di­tional fi­nanc­ing and would meet the state’s mod­i­fied dead­line.

Xun­light makes flex­i­ble so­lar pan­els and is in the fi­nal stages of re­struc­tur­ing.



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