JTS, Inc., a hard-drive manufacturer with operations in the United States and India, was in default of its $60 million line-of-credit only 30 days post closing the line with a new lender.
GGG stepped in at the lender's request to review the situation. This review uncovered fraud, channel stuffing, over-stated A/R and no inventory controls.
GGG took control of the situation, working off inventory and giving discounts to encourage A/R to pay. A large hedge fund provided additional equity and the existing lender was paid in full within 90 days.
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