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Raser restructures Thermo I geothermal
13 August 2010
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[raser]
[geothermal]
[zurich]
[prudential]
Prudential Capital and Zurich Insurance have negotiated a new restructuring of the financing for Raser Technologies’ Thermo No I binary geothermal plant. The agreement gives the developer a year to sell the underperforming facility and pay its creditors.
Under the terms of the forbearance agreement, the borrower will pay its lenders $27 million, consisting $7 million in outstanding principal and $20 million in accrued interest, out of the $33 million US Treasury grant it received in February. Raser also must sell the geothermal plant and pay creditors 50% of the proceeds, or up to $6 million plus costs, by 29 June 2011. If it fails to sell the plant or pay the lenders $6 million by the due date, Raser is liable for...
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