17 Sep Bank Workout for Automobile Repair Business in CT
September 17th, 2012
Worth Avenue Capital Assists Auto Repair Business in Debt Restructuring
Worth Avenue Capital, LLC of Guilford, Connecticut has successfully closed another bank workout and debt restructuring for one of its small business clients. WAC assisted a small business in Connecticut that operates in the automobile repair industry by negotiating the debt restructuring of a $300,000 commercial loan that this business currently has outstanding with a very large multi-national commercial bank. Despite the fact that WAC’s client has been in business for over eighty years and has always handled its loan repayment terms with this bank as agreed, the bank, prior to WAC’s involvement, was very reluctant to restructure the loan with terms and conditions that would have benefited WAC’s client. The original terms and conditions that the bank offered WAC’s client were quite onerous and unworkable. In fact, the bank was originally unwilling to provide the company with any working capital through the debt restructuring. Through WAC’s efforts, the company was able to obtain a lower interest rate; smaller monthly payments; lower bank due diligence fees including environmental testing costs and legal fees. Most importantly, Worth Avenue Capital was able to obtain an additional $30,000 in working capital as part of the bank workout and debt restructuring.
WAC specializes in arranging debt financing for small businesses who are having difficulty obtaining conventional bank financing and also specializes in handling bank workouts and debt restructurings for those same small businesses. You can learn more about WAC by taking a look at their website at worthavenuecapital.com and by contacting the company’s principal Michael M. Ciaburri at worthavenuecapital@gmail.com or (203) 605-4082.