Email us with questions or comments: support@bdcreporter.com           α

Profusion Industries, LLC

Manufacturing website LinkedIn News
Manufacturer and distributor of polymer-based products

ProFusion Industries, LLC manufactures and distributes polymer-based products including transit matting, protective linings, and custom specialty film products. The company’s transit matting products are used in commercial, industrial, and government applications; specialty film products are used in various industrial and commercial applications; and protective linings provide corrosion and containment protection in industries, such as agrichemicals, electroplating, aerospace, and environmental. It also provides various printing services. The company was founded in 1949 and is based in Marietta, Ohio. ProFusion Industries, LLC is a former subsidiary of Koroseal Interior Products, LLC.-Bloomberg

BDC Credit Reporter View

There has to be real doubt as to whether the Company - despite a new CEO on board - can survive without filing Chapter 11 given that the first lien debt has just been written down again, now by a total of 70%.We have the Company on daily monitoring, even though very little public information is available. The likelihood is we'll see a full write-off of the $9.2mn GARS loan.

Highlights

IIIQ 2018: Valuation discount increased to 70%.

"The Company is a manufacturer of polymer-based products and continues to be pressured from increased labor and manufacturing expenses.In addition, volumes have largely failed to meet expectations, which also has had a negative impact on performance. A new CEO was hired in the first half of the year and has taken steps to improve profitability, but at this point, the feasibility of returning to scale is still in question".

IQ 2018: Company defaults. Added to Watch List, straight away at CCR 5. Discount: 50%

IIQ 2015: GARS provides $10mn first lien loan, due 2020.