$ 1, 500,000| Factoring | U.S. Subsidiary
$ 1, 500,000| Factoring | U.S. Subsidiary
Client:
A light manufacturer, which was a domestic subsidiary 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.
