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news.US-based pharmaceutical company Elona Biotechnologies is facing a foreclosure lawsuit filed by a suburban Indianapolis city for failing to open a manufacturing facility in Greenwood.
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Plans about the project was announced by the company in 2010 and also received $8.4m in loans from the local government and other assistance from the city.
City attorney Krista Taggart said that in order to sell the unfinished insulin manufacturing facility and equipment, an appeal has been made to Johnson County judge for appointment of a receiver.
In 2010, the Greenwood officials have approved the project incentives, along with a construction loan of $6m for 50,000ft2 facility in a business park east of the city.
The company said that it expected to hire 70 workers and an expenditure of over $25m for that planned unit.
Myers said that the city hopes to recover minimum $3m, however, the Greenwood officials said that the company had to repay a total of about $9.5m, including interest.