Light Manufacturer

  • Light Manufacturer

    $ 1,500,000

    Factoring

    U.S. Subsidiary
    • Client: U.S. subsidiary light manufacturer of an insolvent foreign parent company.

    • Situation: 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.

    • Need: The two U.S. subsidiaries needed stand-alone financing to fulfill a backlog of orders and provide ongoing working capital.

    • Solution: Prestige worked diligently to provide a combined line of $1.5 million for the entities to meet payroll and operating expenses.