SOURCE: Bibby Financial Services

Bibby Financial Services

August 30, 2011 13:32 ET

Bibby Financial Services Creates Cash Flow for Automotive Parts Supplier

CHICAGO, IL--(Marketwire - Aug 30, 2011) - Bibby Financial Services said today that it has funded a Michigan-based company to help it emerge from bankruptcy. The business specializes in coating automotive parts. It filed for Chapter 11 protection in 2008 and has since received court approval on its plan to reorganize.

Bibby Financial Services worked alongside the client to support that plan by allocating money for its taxes, quarterly bankruptcy payments, and a bank loan as well as providing immediate working capital. The company is going to use these funds to operate and grow its business.

"It is encouraging to see companies like our client pull themselves up by the bootstraps and move forward with solutions and enthusiasm," said Bob Lall, Managing Director, Bibby Financial Services Midwest and Canada.

"In the past five years the number of business bankruptcy filings has nearly doubled. Today's business owners need to take proactive steps to get moving again to help our economy flourish. Working capital solutions, like factoring, have the flexibility to lend money regardless of the client's financial history and it can often be the stepping stone back to financial health," Lall added.

Bibby Financial Services is a worldwide market leader in business cash flow solutions to small and medium-sized companies. With offices in eight North American cities and 14 countries around the world, its product portfolio includes accounts receivables finance, factoring, export finance, purchase order finance, specialist solutions for the staffing and trucking sectors, and it is an approved lender for the Export-Import Bank's working capital guaranty delegated authority program. Bibby Financial Services is a subsidiary of a 203-year-old privately held company based in the United Kingdom.

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    Stacy Huston