A light manufacturer, which was a domestic subsidiary of an insolvent foreign parent company.
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.
The two U.S. subsidiaries needed stand-alone financing to fulfill a backlog of orders and provide ongoing working capital.
Prestige worked diligently to provide a combined line of $1.5 million for the entities to meet payroll and operating expenses.
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