This customer manufactures and distributes component parts for the automotive and other industrial equipment markets. The company operates manufacturing and distribution facilities on five separate continents.
In March of 2020, when governments around the world began enforcement of the economic shutdown, this customer was directly impacted due to the lost revenues. They contacted our office to request short term payment relief, and we responded in a big way by granting 90-day deferrals of monthly payments and reduced payments on nine schedules. We have worked with the customer to ensure that the deferrals would not have a negative impact on the customer’s banking relationships, including covenants on their senior credit facilities, and we structured the agreement to accommodate their needs. In so doing, the customer was able to preserve several million dollars in liquidity, not to mention the peace of mind in a time of extraordinary economic uncertainty.
*These case studies are provided for informational purposes. The names of the customers and the specific details of their business and situation have been withheld. Qualification for Onset’s COVID-19 Relief Program is subject to review and approval by Onset and its underwriters.
90-Day Payment Deferral
60-Day Payment Reduction