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Orbit International shares rise on line-of-credit waiver

Dennis Sunshine, right. (November 1997)

Dennis Sunshine, right. (November 1997) Photo Credit: Newsday / Dan Goodrich

Orbit International Corp.'s share price on Thursday recovered somewhat from last month's downward jolt. 

The Hauppauge defense contractor's shares increased in price Thursday by about 9.5 percent to close at $3.45. 

Thursday's recovery came after Orbit had trouble last month making its fourth-quarter payment on a line of credit. The trouble was due to the unexpected costs of the “non-renewal” of chief executive Dennis Sunshine's contract. 

Orbit disclosed Thursday that its lender dealt with the fourth-quarter payment shortfall by levying a $10,000 penalty -- but it left unchanged the interest rate and term on the company's line of credit. 

A company news release did not give further details on the line of credit. 

The financial liabilities associated with Sunshine's departure had sent Orbit shares into a slide of nearly 16 percent to a March 10 closing price of $3.08.

Photo: Orbit's former chief executive, Dennis Sunshine.

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