Caraco Pharmaceutical Laboratories Ltd has reported that the Board of Directors of the Economic Development Corporation of the City of Detroit has passed a resolution to approve the restructuring of its mortgage loan.
According to the terms of the revised agreement, the $7.8 million loan to Caraco will carry a graduated interest rate beginning at 2.75 for the first year and increasing to 5.16 per cent for the sixth and final year.
The revised mortgage loan will be effective only after both parties have signed the agreement.