Recent News FirstCity Crestone Recapitalizes Cabinet Manufacturer FirstCity Crestone Portfolio Company Acquires Porta-Kamp FirstCity Crestone Acquires Short-Line Railroad |
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| News Release
FirstCity Crestone Provides Turnaround Financing November 11, 2007 -- FirstCity Crestone ("Crestone") announced the funding of a debt and equity investment to support the turnaround of a retailer located in the Western United States. The retailer experienced several years of operating losses and did not have the availability under its Senior Credit Facility to properly stock its stores for the holiday selling season. Crestone worked with the borrower and the senior lender to finance the ongoing turnaround and protect the lender’s secured position. "As the economy and credit market softens, we expect to encounter more situations of stressed companies who need additional capital beyond what senior lenders are willing to provide" according to Rich Horrigan, managing director of Crestone. "We can respond quickly and creatively to such situations providing a solution to both the borrower and the senior lender.”
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