New York, NY (PRWEB) March 21, 2006
Platinum Funding Group announced today that it entered into a two year Debtor-In-Possession factoring facility to provide working capital for a Northern Indiana based environmental services company engaged in the business of nontoxic, non-hazardous waste removal and processing. The company, which expects annual sales revenue of $8 Million in 2006, performed subcontract emergency work for storm drain cleaning to Louisiana parishes that were affected by Hurricane Katrina, under FEMA administration. As part of the company’s debt restructuring, Platinum funded $900k to payoff the company’s limited revolving bank line of credit.
Platinum Funding Group helped the company, which has filed for Chapter 11, appear in front of the United States Bankruptcy Court Northern District of Indiana where the Debtor-In-Possession financing agreement was approved. Platinum Funding Group was then able to fund the transaction within days of approval by the judge.
The company’s President commended Platinum for its efficiency, throughout all the steps of the business deal and especially during the court proceedings. Platinum’s funding agreement will be a valuable step for the company to emerge from bankruptcy.
About Platinum Funding Group.
Platinum Funding Group, a leading factoring company, provides clients with accounts receivable funding, letters of credit, bridge funding, and accounts receivable management.
Established in 1992, Platinum Funding Group has been consistently helping companies with annual sales revenue between $1 millions and $100 millions.
Platinum Funding Group possesses the financial resources to serve the needs of clients across more than 30 industries. Platinum Funding Group holds a leading position in factoring services, issuing same day advances on accounts receivable to start-ups, 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.