Wahlco Secures $3-Million Credit Line
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SANTA ANA — Financially ailing Wahlco Environmental Systems Inc. said Wednesday that it has signed a new agreement with one of its banks, securing a $3-million line of credit through Oct. 25. Approximately $1.9 million already has been drawn down. Wahlco has been negotiating a credit restructuring with Silicon Valley Bank since defaulting on certain terms of the loan in December.
The company said it is continuing efforts to restructure its assets and business. Wahlco’s board of directors is looking into financing alternatives and other options, including possible sales of assets or subsidiaries.
Wahlco Environmental designs and manufactures air pollution control and power efficiency equipment, and water purification and bottling systems.
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