AMES, Iowa (AP) — The Iowa State University Research Park is facing a major financial loss after a once-promising tenant was allowed to fall behind on rent for years before going bankrupt. The Ames business hub says it’s likely the single biggest creditor of Etrema Products and is owed roughly $480,000 in uncollected rent payments.

Research Park director Steve Carter said Wednesday the park considered evicting Etrema but gave the company time as it sought to turn the business around. The company was seeking to commercialize Terfenol-D, a metal that was thought to have numerous applications.

Carter said the company made “irregular” rent payments but its debt built up over recent years. The company’s lease was reduced last year to about $12,000 monthly. Etrema and its parent company filed for bankruptcy June 30.