Daily News: November 4, 2014

Celtic Provides $2.3MM A/R Line to Wire Fabricator

Celtic Capital announced it provided a $2.26 million A/R line and equipment loan to a new client to pay off the bank and provide additional working capital for the turnaround.

This Hugo, MN-based fabricator of wire products approached Celtic to replace its bank line of credit due to covenant violations. The violations were the result from a plant fire and the subsequent challenges the company faced while rebuilding.