Client: U.S. Subsidiary of German carton manufacturer with $5 million in annual sales.
Situation: The ten-year-old subsidiary was historically funded by its foreign parent company. Due to global banking environment, the parent company made an abrupt decision to stop supporting the U.S. subsidiary. The subsidiary faced closure if it could not secure financing.
Need: The subsidiary needed immediate stand-alone financing to provide for its ongoing capital needs.
Solution: Within four days, Prestige purchased and funded $300,000 in receivables which prevented a disruption in operations and preserved jobs. Without this funding, the subsidiary would have closed.