October 1, 2019 |
When Grimoldi took out a ARS235m ($4.08m) syndicated loan on September 18, the 124-year-old shoemaker got a small but much-needed injection of funds to stay afloat, something an increasing number of companies are finding they need to do in the country's shrinking economy.
Grimoldi, which markets brands like Hush Puppies, Timberland and Vans at more than 100 stores across the country, plans to use the funds from the two-year loan to stretch out maturities and ease its immediate financing needs. M
Companies are postponing investments and using up cash reserves, but they cannot wait too long to get financing, sources say