Cadiz Lender Seeks Loan Repayment
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Cash-strapped Cadiz Inc. said its primary lender demanded immediate repayment of $35 million in loans that came due at the end of January.
The Santa Monica-based water development company had been trying to restructure its loans with ING Capital, but in a recent government filing, Cadiz said ING declared the company in default on Feb. 13.
Cadiz, which also needs money for ongoing operations, said it is “in discussions with several parties to obtain this funding.” Company officials did not return a call for comment. In the filing, Cadiz said there are “no assurances” that it can restructure its debt.
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