CREDIT PROTECTION SERVICES
Manufacturer of Specialty Vehicles
Client: New Jersey-based manufacturer of specialty vehicles.
Situation: The client was purchasing a fabricator of specialty vehicles from an Assignee for the Benefit of Creditors.
Need: The acquisition process in an ABC matter can be complex due to the divergent interests of different stakeholder groups and the legal processes required to implement a transaction. The client needed a lender who had extensive situational experience and a track record of providing financing to companies in similar positions.
Solution: Prestige provided a $500,000 factoring line of credit to support the acquisition. Prestige has long history of success in providing financing to companies in financial distress and helping clients navigate through the process quickly and efficiently.
Novelty Product Manufacturer
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.
Snow Removal Company
Client: New Jersey-based snow removal company with $3 million in annual sales.
Situation: Six-year-old business had outgrown its line of credit with a local bank.
Need: The client needed a larger financing facility to support seasonal demands and accelerate cash flow.
Solution: Prestige provided a $750,000 factoring line to solve the immediate cash flow crunch and provide for seasonal sales fluctuations.
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Dental Hygiene Inventor
Client: Florida-based dental hygiene inventor.
Situation: After many years of development, a start-up with an innovative product was successful in reaching an exclusive agreement with a large national retailer.
Need: Due to the sales concentration risk, the client had difficulty obtaining traditional financing from a bank.
Solution: Prestige provided a factoring facility of $1 million without restrictive covenants related to the sales concentration account.
Novelty Product Manufacturer
Client: Massachusetts-based Novelty Product Manufacturer.
Situation: 11-year-old company was being liquidated by its existing lender.
Need: One of the company’s existing owners was seeking to acquire and re-start a profitable division of the company.
Solution: Prestige provided financing to fund the acquisition of certain property of the liquidating estate from the lender and support future growth.