Sunrise Signs Bank Extension
FREMONT, Calif., April 3 -- Sunrise Technologies International Inc. has signed an extension with Silicon Valley Bank until Dec. 31. The extension of the repayment due date is subject to several conditions, including the agreement of Sunrise's unsecured creditors to a restructuring proposal, the completion of the merger with SBH Holdings LLC and the company obtaining a commitment for new equity financing of at least $5 million by Sept. 30. Silicon Valley Bank is owed approximately $3.5 million and has a first lien on all tangible assets of the company and a co-equal first lien of up to $1.5 million on Sunrise's intellectual property.
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