Bekins Ownership Secures Line of Credit; Cash Targeted Toward Growth and Retirement of Obligations.Business Editors/Transportation Writers HILLSIDE, Ill.--(BUSINESS WIRE)--April 2, 2002 Effective March 5, 2002, the Commercial Lending Division of Textron Financial Corporation has provided a $20 million dollar revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. for The Bekins Company. The Bekins Acquisition Group, made up of key Bekins agents and the Company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , recently purchased The Bekins Company from GeoLogistics Corporation. The new credit facility is a 2-year loan that provides availability based on The Bekins Company trade account receivables account receivable Any amount owed to a business as the result of a purchase of goods or services from it on a credit basis. Although the firm making the sale receives no written promise of payment, it enters the amount due as a current asset in its books. . Additional funds will be targeted toward growth opportunities and retirement of obligations. Jim Vargo of Impact Capital, Inc, assisted in arranging and negotiating the new loan. Textron Financial is a diversified commercial finance company headquartered in Providence, R.I. "We are pleased that the loan agreement with Textron has closed," stated Larry Marzullo, CEO and president of The Bekins Company. "This will further solidify our financial stability," said Marzullo. George Gilbert, chairman of The Bekins Acquisition Group, added, "The Textron credit line will provide the 'new' Bekins with the cash resources to get our business back on track and to work towards our long-term strategies and goals." The Bekins Company, Hillside, Ill., includes Bekins Worldwide Solutions, Inc. and Bekins Van Lines, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Bekins Van Lines, founded in 1891, provides quality household goods relocation services Relocation services or "employee relocation" includes a range of internal business processes that are engaged to transfer employees (and often their families) or entire departments of a business to a new work location. for corporate accounts and private relocation customers. Bekins Worldwide Solutions is one of the largest North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. integrated networks that provides logistics services and solutions to business-to-business and business to consumer, manufacturers, distributors and retailers of electronics and other high-value products. Both Bekins Worldwide Solutions, Inc and Bekins Van Lines, LLC are ISO- iso- or is- pref. 1. Equal; uniform: isobar. 2. Isomeric: isopropyl. 3. 9002 registered. More information on Bekins can be found on the company website www.bekins.com. |
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