TechPrecision subsidiary Stadco enters payment plan with LADWP to settle $1.77M delinquent utility bills

TECHPRECISION CORP

Stadco signed a Payment Agreement with LADWP for $1,770,202 in delinquent water and electric service charges.
Monthly installment payments of approximately $18,439 from December 15, 2022 through November 15, 2030.
Unpaid balance accrues late payment charge at 18% annual rate; breach allows acceleration and service interruption.
Stadco has a 10-day cure period after written default notice before LADWP can enforce remedies.
The liability was already included in accounts payable as of September 30, 2022.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TECHPRECISION CORP entered into Payment Agreement with Department of Water and Power of the City of Los Angeles (LADWP) valued at approximately $1,770,201 (effective 2023-01-30).

Action: entry
Agreement: settlement
Counterparty: Department of Water and Power of the City of Los Angeles (LADWP)
Value: approximately $1,770,201
Effective: 2023-01-30

Exact text from the filing

On January 30, 2023, Stadco, a wholly-owned subsidiary of TechPrecision Corporation (the “Company”), entered into a payment arrangement agreement (the “Payment Agreement”) with the Department of Water and Power of the City of Los Angeles (“LADWP”), in order to settle previously outstanding amounts for water, water service, electric energy and/or electric service in the aggregate amount of approximately $1,770,201 that are delinquent and unpaid.

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23 material agreements filed in the last 30 days. Browse all material agreements →

TECHPRECISION CORP filing history →

Source: SEC EDGAR

accession 0001104659-23-010547

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