The start-up company, which was originally seeking equity financing, was introduced to Prestige by a bank seeking their non-lending business. The client had a 100% sales concentration account which made it very difficult to raise equity or obtain traditional bank financing. In addition, the client’s contract manufacturer was unable to provide terms due to a lack of payment history.
Consumer Products Company
The fifteen-year-old company’s lender was unable to provide a scheduled seasonal over advance due to issues with its own bank. The client was at risk of losing $5 million in sales.
Automotive Parts Manufacturer
22-year-old manufacturer was in aggressive acquisition mode during the downturn in the automotive industry.
Manufacturer of Specialty Vehicles
The client was purchasing a fabricator of specialty vehicles from an Assignee for the Benefit of Creditors.
The foreign parent company defaulted on its loan obligation, and even though the subsidiaries were not parties to the loan agreement, they found themselves without a lender while the matter was being resolved.