Organization
$30 Million Ship & Boat Building & Repairing
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Challenges
- Tight liquidity
- Defaults in financing
- SOT on repossessed boats
- No forbearance with line of credit bank
- Ownership/Management denial on severity of situation
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Approach
- Negotiated forbearance with LOC bank to provide
liquidity& time to restructure
- Validate 13 week cash flow & forecast to provide
comfort to bank
- Negotiate with floor plan lender for forbearance
- Negotiate with SOT lender for settlement
- Monitor cash flow & liquidity
- Assist with collateral reporting
- Communications with bank
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Results
- Refinanced with replacement lender
- Negotiated forbearance with floor plan lender
- Negotiated settlement with SOT lender
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Boating
Professionals
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