This successful, UK based, specialised producer to the aerospace industry, was financed by an Asset Based Lending line with Landsbanki.
When Landsbanki failed, as a result of the Icelandic economic crisis, a member of the FRP Advisory Restructuring Team was engaged by the aerospace manufacturer (the Company) to review their cash management position, leading to full refinancing.
Within weeks, the team had obtained heads of terms for a new £27m ABL and property facility for the Company. As part of these new terms, we were able to negotiate a transfer of the ABL facility from Landsbanki.
This, in turn, led to a reduction in the Company’s borrowing margins. Additional negotiations were held with trade credit insurers and other stakeholders to assist the company in preparing for its financial restructuring. This has enabled the company to operate on a sound financial footing for the foreseeable future.
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