TERRE HAUTE, Ind.  – The city of Terre Haute and the board that oversees multiple bonds reported its first notice of a likely default due to the coronavirus pandemic.

Pyrolex is located on the north side of the city and uses old tires to create carbon-based products. They recently secured bonds to build a second facility.

On April 6, Pyrolex filed a notice with the Municipal Securities Rulemaking board saying that they have been shut down since March 23 due to COVID-19. That shut down means that they company has suffered a significant loss of revenue.

The company reports it won’t be able to resume loan payments until after it has been back in full operations for at least 60 days.

The City of Terre Haute says the city is not financially responsible for anything in regard to the bond.