• The Company has been successful with new bidding on significant petrochemical projects, building its backlog to an estimated $110 million and significantly increasing revenue.
• The increased revenue combined with billing challenges and delays in cash collections, led the Company to begin experiencing large working capital needs with a peak need in the middle of the month to cover their large union benefit payments.
• Due to these factors, the Company accessed additional funds through an existing line of credit from its lender.
• However, due to continued successful bidding of work and continued delays in cash collections, the Company required additional funding to assist them.
• The Company engaged Fort Dearborn Partners to review and revise as necessary the Company’s forecasted financial statements, borrowing base, profitability and working capital needs.