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| Re: Millennium debt deepens (161745) | |||
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Re: Millennium debt deepens |
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Posted by kcram3500 on Tue Aug 25 22:39:09 2009, in response to Re: Millennium debt deepens, posted by JAzumah on Tue Aug 25 19:42:32 2009. I have a factoring line for my company. If I can get one, Millennium can get one.Two differences: - as an operating company, you have far steadier accounts receivable - you're not in Chapter 11 right now MTS has both of those strikes against them, and they have a miserable track record with suppliers who will want to be paid in full up front to do business. If getting a factoring line was that simple, they would have gotten one back in 2006 (long before the current credit freeze) when they began production of the NJT order. In fact, MTS was already mortgaged to their eyeballs, and additional credit was extremely hard to come by. Their main creditors were local and state government agencies. |
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