Distributor of Liquefied Natural Gas
$2,500,000 Line of Credit
A producer and distributor of liquefied natural gas to the transportation, industrial and municipal markets in the U.S. was seeking to replace its existing high cost credit facility. In an effort to mitigate onerous debt instruments, contractual obligations and restructure its balance sheet, the company filed for bankruptcy in 2009. In early 2010, the company emerged from bankruptcy and obtained financing from a high cost finance company. The business continues to experience net losses but is positive on a cash flow basis.
First Community Financial approved a $2,500,000 line of credit that provided significant cost savings and accommodated the company’s need for a larger facility to finance the projected growth in the business. First Community was able to negotiate a complex intercreditor agreement with senior term lenders that had restructured their loans as a result of the bankruptcy.
