Capital Financial Completes Distressed Refinery Debt Acquisition
Capital Financial Global announced that it successfully completed the acquisition of $5.1 million of debt in Gold Rush Refiners, a distressed Georgia based gold and precious metals refinery. The debt was acquired in exchange for $1.7 million worth of the company’s Series B Preferred Stock.
“Now that we’ve acquired the debt, our plan is to re-age it and structure a work-out that will allow the refinery to cash flow and get back on its feet,” said Paul Edward Norat, CEO of Capital Financial Global. “The folks at Gold Rush Refiners have a great business model and a talented team of professionals. As we work with them to structure a realistic re-payment plan, we believe they will be able to bounce back and regain profitability and competitiveness. The end goal, of course, is to receive the long-term incoming cash flow that the restructured loans will provide us, once they become performing.”