Consumer Products Repair Company
Product Repair Company
Client: Long Island-based consumer products repair company with $5 million in annual sales.
Situation: The eleven-year-old company was previously funded by a private investor but needed an immediate capital infusion as it was on the brink of insolvency. The client and its advisors were deciding whether to file for bankruptcy or restructure out of court. The client was introduced to Prestige by its attorney who knew that Prestige has long history of success in providing financing to companies in financial distress.
Need: The client’s preference was to avoid a costly bankruptcy and select a financing partner which could work with the company as it navigated its way back to profitability.
Solution: In less than one week, Prestige funded a $2 million line, reduced the client’s cost of financing, and helped the client avoid filing for bankruptcy.