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Article: Credit check: financial woes may lead to consolidation and fire sale equipment prices.(Financial Crisis)
- Article from:
- Workboat
- Article date:
- December 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 Diversified Publications. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Unprecedented disruptions in the credit market have taken a toll on the workboat business.
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Financing--if available--is more expensive. Orders and deals are being delayed, lenders are being more cautious, and cash preservation is a priority. But for those who can capitalize on it, the turmoil offers bargains amid the financial debris.
From inland to offshore, here's a sampling of recent developments in this uncertain and volatile environment:
* American Commercial Lines Inc. must refinance a $550 million credit agreement amended in June to ease certain covenants but shortened to mature in March 2009 rather than ...