The city of North Vernon is mulling over its options on what to do about a debt owed by an alternative energy company.

Windstream Technologies received a 10-year, $1.4 million loan from the city, through its Redevelopment Commission and Tax-Increment Financing funds, when it opened its plant in 2011. Since the loan was issued, repayments to the city have been irregular. Shawn Gerkin, North Vernon Clerk-Treasurer, says that the city last received a payment in February of 2016. During discussions the city council held last year with Windstream founder and CEO Dan Bates, Gerkin said that the money the city had received has essentially been enough to cover the interest payments, leaving the $1.4 million balance largely intact. Part of the loan agreement included a scheduled balloon-payment of several hundred-thousand-dollars, due in August of last year. City officials say that also went unpaid.

The council had Gerkin reach out to Bates, asking him to appear to give an update on the company. Gerkin says he received a response the morning of this week’s council meeting, informing him that Bates would be unable to attend due to being out of state. Council members discussed possibly calling in the note for repayment and repossessing equipment at the plant. Councilman Brian Hatfield was vocal about taking action, saying that the Windstream issue has “been hanging” for too long. “It’s time for it to be put to bed,” said Hatfield. Larry Greathouse, council attorney, said that, regardless of extraordinary circumstances, the city will not recoup its money. “They are without a doubt, bankrupt,” Greathouse said about Windstream. Hatfield, as well as other council members, agreed but said that  action needs to be taken.

The council again asked for Gerkin to reach out to Bates with an invitation to appear at their October 10th meeting. The body indicated that action may be taken then.

Windstream’s stock price at the close of trading on Tuesday was $0.0001.