$2.7 Million Payment Missed on Bridge Bank Loan
Quantum Fuel Systems Technologies Worldwide suffered an “event of default” this week as it failed to make a $2.7 million principal payment on a Bridge Bank credit facility.
“The event of default under the Bridge Bank credit facility also constituted an event of default under the senior secured convertible notes issued by the Company on September 15, 2013 and June 29, 2015 (collectively, the ‘Convertible Notes’), which have an aggregate principal balance of $12.5 million,” states a release.
The good news? “They are committed to supporting their customers,” says one.
‘Still Delivering Product’
“They’re still delivering product,” the customer told F&F.
“We would sense it if they were pulling back and we’re not seeing it.”
Quantum produces Q-Lite brand lightweight Type IV CNG cylinders and uses them in CNG tank assemblies for trucks and in new “virtual pipeline” trailers for CNG transport.
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Source: Quantum with Fleets & Fuels follow-up