As part of its efforts to emerge from insolvency protection, mining industry-focused cleantech company Orbite Technologies amended its November 4, 2015 credit facility with MidCap Financial.

The original revolving line of credit and term loan commitments under the facility were $5.9 million. The amendment pushed back the company’s obligations under the facility into early 2018.

Also under the amendment, the release to MidCap of $3 million in restricted cash, of which $2.5 million will be applied by MidCap in partial repayment of one of the term loans and the remaining $500,000 will be applied in satisfaction of the monthly debt service payments on the credit facilities from April 1, 2017 up to and including the payments due and payable on January 1, 2018, when the moratorium on monthly principal payments is lifted.

Orbite’s compliance date for the covenant to produce at least 1 ton per day of high purity alumina during three consecutive days was extended to January 15, 2018.

Until Orbite has received proceeds from additional debt or equity issuance or in-kind contributions from an equipment supplier in an aggregate amount of not less than $8 million, Orbite will share with MidCap 50% of any amounts that could be received from its insurer pursuant to its claim under its business interruption insurance policy, and thereafter Orbite will have the right to retain all such amount.