Brief: Purecycle Failed To Complete Ironton Facility By The Deadline Of Dec. 1, 2022

PureCycle Technologies

02/03/2023 12:25

March 2 (Reuters) - Purecycle Technologies Inc  PCT.O :
    * UNDER LOAN AGREEMENT BETWEEN SOUTHERN OHIO PORT AUTHORITY
& CO'S
UNIT, CO WAS REQUIRED TO CAUSE IRONTON FACILITY TO BE COMPLETED
BY DEC 1, 2022
    * IRONTON FACILITY NOT COMPLETED BY COMPLETION DATE DUE TO
CHALLENGES FROM DELAYS IN DELIVERY OF CRITICAL COMPONENTS,
SHORTAGES OF MATERIAL, AMONG OTHER THINGS
    * ENGAGED IN NEGOTIATIONS WITH GROUP OF BONDHOLDERS HOLDING
ABOUT
70% OF OUTSTANDING SERIES A BONDS & 100% OF OUTSTANDING SERIES B
BONDS
    * NEGOTIATIONS CONCERNING IF THERE HAS BEEN DEFAULT UNDER
LOAN
AGREEMENT AS A RESULT OF DELAY IN COMPLETION OF IRONTON FACILITY


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