COLUMBUS, Ohio (Legal Newsline) - Ohio Attorney General Mike DeWine announced a $1.5 million settlement on Wednesday with a Toledo manufacturing company that allegedly failed to pay back loans to two state agencies.
Buckeye Silicon is a Toledo-based manufacturer that sought to produce polysilicon for use in solar panels. Buckeye Silicon received loans from the Ohio Air Quality Development Authority and the Ohio Development Services Agency, but it allegedly failed to meet the loan repayment schedules. The settlement resolves collections actions against Buckeye Silicon.
"This settlement and payment is a significant recovery of taxpayer funds, especially given that these types of debts are historically very difficult to recover," DeWine said. "I am pleased that our office was successful in protecting the interests of Ohio taxpayers by securing this payment."
On Oct. 12, 2010, OAQDA loaned Buckeye Silicon $1,428,000 through its Advanced Energy Job Stimulus Program, and on October 15, 2010, DSA loaned the company a $1.3 million for research and development. After Buckeye Silicon allegedly failed to meet loan repayment schedules, OAQDA and DSA declared the loans in default.
Under the terms of the settlement, the two agencies accepted a $1.5 million payment to resolve both loans and related litigation.
DeWine's Collections Enforcement Section worked with the law firm of Organ, Cole, and Stock LLP to resolve the matter.