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Oregon agrees to restructure SoloPower deal

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Tuesday, September 10, 2013

Oregon state officials agreed to delay loan payments and suspend job requirements as SoloPower attempts to get $50 million in outside investment.

The deals came together after SoloPower defaulted on a $10 million state Energy Department loan in July, and a month after the company laid off most of its staff, leaving a small crew to run its North Portland factory. The jobs were key to $20 million in state tax credits the company received last year.

Though SoloPower operates now as a new entity -- SoloPower Systems Inc. -- its future remains in peril.

The former president is suing the company, eviction proceedings are ongoing at its onetime headquarters in San Jose, Calif., and some suppliers say they are owed tens of thousands of dollars.

Read more at OregonLive.com.

 

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