Platinum Funding Group Completes an $8-Million Debtor-In-Possession Financing Agreement With Auto-Parts Manufacturing Company
New York, NY (PRWEB) November 6, 2006 -- Platinum Funding Group announced today it has completed a two-year Debtor-In-Possession (“DIP”) factoring facility for over $8 million to provide working capital for Innovative Group Global, Inc., a major Michigan-based automotive supply manufacturer. Innovative Group Global has been in business since 1963, and is a supplier of screw machine parts and fabricated steel tubing to the automotive industry.
The manufacturing company has been in Chapter 11 bankruptcy since May. Platinum Funding Group funded Innovative Group Global on October 27, immediately after the DIP factoring facility was approved by the Bankruptcy Court on the same date.
“During the past year, Platinum Funding Group worked on several DIP financing transactions and has established a strong reputation among law firms specializing in bankruptcy proceedings as the financers of companies in distress,” said Eyal Levy, founder, Chairman and CEO of Platinum Funding Group. “This transaction furthers that reputation.”
As part of the company’s debt restructuring, Platinum Funding Group funded the payoff of Innovative Group Global’s line of credit with a local bank. Garret Danvers, chief financial officer of Innovative Group Global, said the company found the bank inflexible in meeting their restructuring needs, but that Platinum’s factoring arrangement suited them well. He added he was impressed with the quick and efficient manner in which Platinum Funding Group handled the deal.
“Platinum Funding Group was easy to work with and thanks to the financing facility they have provided, we expect to be out of Chapter 11 in a few months,” Danvers said.
About Platinum Funding Group
Platinum Funding Group is a leading factoring company that provides clients with accounts receivable funding, letters of credit, bridge funding and accounts receivable management. Established in 1992, Platinum Funding Group has been consistently assisting companies with annual sales between $1 million and $150 million. Platinum Funding Group possesses the financial resources to serve the needs of companies across more than 30 industries. Platinum Funding Group issues same-day advances on accounts receivable to early-stage, fast growing firms and companies in Chapter 11. Platinum Funding Group is headquartered in New York City and has a network of regional offices throughout the US.
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