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A 40-year old, New Jersey-based manufacturer engaged Remington to restructure its existing defaulted financing and recapitalize the company's operations. The company, which included a 90,000 square foot office/manufacturing facility, had a long track record of generating profits. Three years ago it found itself in a precarious financial position after losing several top customers to competitors. The situation meant that the company ultimately put its bank financing in default.
RFG provided the company with a full range of financing options to correct its problems. Moving quickly to solve several problems at once, the sale leaseback option was chosen. By selling its real estate to one of RFG's investors, the company received 100 percent of the building's market value, engineered a favorable long term lease that was less costly than its original debt service and provided capital to fund company initiatives to rebuild its business while simultaneously reducing its taxable exposure. The company has retained RFG as its outsourced finance department to arrange additional asset based financing as it re-establishes profitability.
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