Sec. 23.10. Working capital loans for corporate restructuring or corporate turnaround plans

The UDC, in cooperation with the department, may provide flexible working capital project loans to implement a corporate restructuring or turnaround plan for qualified industrial firms with the potential for future profitability that face the likelihood of a closing, partial closing or relocation out-of-state and the loss of a substantial number of jobs. Such loans shall be made only to supplement other public and private financing where all of the financial aid needed by a firm for a corporate restructuring or turnaround plan is not available from other sources, and where a UDC loan is needed to implement a specific action called for by the firm's restructuring or turnaround plan or to meet immediate working capital needs of the firm to continue operations while the restructuring or turnaround is being effected.