Mackinac Commercial Credit (MCC) funded a $2.9 million line of credit for a Michigan-based precision parts manufacturer seeking to restructure its balance sheet.
The manufacturer was restructuring its balance sheet and raising additional capital. It was seeking a new lender that could help it leverage its balance sheet assets and provide a working capital line to complete their recapitalization.
MCC met with management and reviewed the future plans of the firm. By leveraging the accounts receivable, inventory and equipment in one facility, MCC provided the final piece to help put its restructuring plan in place.