This lifestyle magazine had gone through some financial difficulties as the magazine industry has taken a downturn in recent years. Their bank no longer supported them and asked them to find a new lender. The lender that they had been speaking to for the previous 45 days suddenly declined the financing.
An investment banker who had worked with Prestige in the past approached us after two lenders working on the transaction for over 45 days couldn’t close the deal in a timely manner, the seller got impatient and gave the buyer a deadline.
A turnaround advisor who had previously worked for a client of Prestige was hired by a bankruptcy trustee to assist in obtaining Debtor in Possession (DIP) financing for this 7 entity holding company.
Former client sold a division of their company allowing them to operate without a working capital facility.
Truck Repair and Restoration
Company was expanding rapidly but their bank would not expand their existing credit line