Lind Equipment unsuccessful to satisfy its loan covenants using its senior bank loan provider within the summer time of 2008, just six several weeks after it had been acquired. As the senior bank debt composed only 6% from the capital utilized in the purchase and was fully guaranteed, it worked out its to stop obligations to Lind's subordinated loan provider that funded about 40% from the acquisition, pushing your debt into default too. These financial problems were caused by decreasing revenues and profits at Lind as forex rates and also the impact from the Great Recession required its toll around the firm. With no quick solution, Lind might be pressed into personal bankruptcy.
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