Home / Knowledge / News / Apparel/Garments / Apparel accessories supplier Talon ends debt agreement
Apparel accessories supplier Talon ends debt agreement
05
Sep '12
Talon International Inc. a leading global supplier of zippers, apparel fasteners, trim and interlining products, announced the end of its term loan and revolving debt agreement with CVC, California, LLC, a division of ComVest Capital, Inc. The debt agreement, which originated in 2007 and was extended to July 31, 2012, was allowed to expire by the Company in accordance with its terms.

"We are pleased to have this debt facility now fully behind us and the Company relieved of all fees, liens, claims, covenants and restrictions on our operations," noted Lonnie Schnell, Talon's CEO. "The CVC debt agreement was a vital step in our business restructuring at the time it was put into place, and helped the Company bridge a difficult transition."

In 2010 the lender agreed to convert all of the outstanding debt under this facility into preferred shares, but the revolver facility and all of its liens, covenants and restrictions were kept in place for another two years to ensure the Company had adequate resources available in the event the business required it.

During this two year period the Company borrowed no additional funds under the facility and closed its fiscal second quarter at June 30, 2012 with $7.4 million in cash and cash equivalents available for operations.

"With this debt facility now ended the Company is virtually debt and lien free and our operating successes can be fully reinvested in growing our business," Mr. Schnell continued. During calendar year 2011 the Company added nearly $3.0 million to cash reserves, and added approximately $1.6 million in cash during the first six months of 2012.

Talon International, Inc. is a global supplier of apparel fasteners, trim and interlining products to manufacturers of fashion apparel, specialty retailers, mass merchandisers, brand licensees and major retailers.

Talon International Inc.

Must ReadView All

Textiles | On 2nd Dec 2016

Indian currency crisis impacts global cotton market

The currency crisis in India, marked by insufficient supply of new...

Huang Wei from Fiber Raw Material Dept of Sinopec Chemical Commercial Holding speaking at the Forum

Textiles | On 2nd Dec 2016

Huge potential for nylon consumption: Experts

There is huge potential for increase in nylon consumption said...

Apparel/Garments | On 2nd Dec 2016

Aditya Birla Group to establish apparel unit in Odisha

Aditya Birla Retail and Fashion Ltd. (ABFRL) is establishing a new...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search