Enfield’s STR Holdings, a global provider of encapsulants to the solar industry, has received a much needed financial boost in the form of an $8.3 million tax refund from the IRS.
The refund was the result of a previously disclosed audit with respect to the company’s 2014 federal net operating loss carryback.
STR’s chairman, President and CEO Robert S. Yorgensen said the tax refund is material to the company, bringing its cash balance to $15 million as of June 13. “Having these funds available,” said Yorgensen, “is an important development for the company and significantly bolsters our liquidity.”
In October, after its stock was suspended New York Stock Exchange, STR shifted its stock to the highest tier of the OTC Markets Group. Also in October it entered into a factoring agreement to sell certain European, U.S., and other foreign company-based receivables to Eurofactor Hispania S.A.U. It allowed the company to receive up to 1 million Euros in advance funds against future receivables.
