Platinum Provides $70 Million in Accounts Receivable Funding to Construction Company EEI
New York, NY (PRWEB) September 13, 2006 -- Platinum Funding Group announced today that it has entered into a factoring arrangement with EEI, one of the leading general construction and electrical contractors in Illinois, with $100 million in annual revenues. The factoring agreement, initiated with the purchase of $11.2 million of invoices, provides EEI with a fresh injection of working capital, improving its cash flow and allowing the Illinois-based company to bid on larger contracts and pursue new ventures.
As part of its agreement with EEI, Platinum Funding Group also entered into an inter-creditor agreement with a regional bank. Under terms of this tri-party agreement, Platinum Funding Group will provide funding based on EEI’s accounts receivable while the bank will provide asset-based financing secured against the company’s machinery and equipment.
Robert W. Egizii, chairman and CEO of EEI said, “I have been impressed with Eyal Levy’s ability to negotiate this agreement with EEI swiftly and smoothly. I am especially pleased that Platinum was able to accommodate an asset-based lender as a participant in the transaction.”
“This is precisely the kind of rapid and innovative solution that Platinum Funding Group excels at for its clients,” said Eyal Levy, Platinum Funding Group’s founder and CEO, “particularly when collaboration with other funding sources is at stake. We expect to provide more of these kinds of solutions – including multi-party platforms – moving forward.”
Bob Hinson, Platinum Funding Group’s vice president, Chicago, IL, in charge of the transaction noted, “As a funding source, Platinum was able to flex its requirements and accommodate the various needs that a medium-size firm such as EEI has. Working in concert with the regional bank, we look forward to assisting EEI in enhancing its overall performance as it expands its business and seizes new opportunities in the marketplace.”
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