The client is an up-scale cosmetics company which was forced into Chapter 11 bankruptcy due to a down turn in the high end cosmetics market. The company needed to pivot from high end boutiques and reposition themselves into large retail stores. In order to pull of this transformation the company would need DIP financing.
Versant was able to provide a $2,000,000 DIP factoring facility which allowed the company to settle with their creditors and complete their transition.