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You are here: Home / News / Service King Reported in Cash Crunch as Pandemic Continues to Impact Sales

Service King Reported in Cash Crunch as Pandemic Continues to Impact Sales

November 23, 2021 By CollisionWeek Editor

According to an article in Bloomberg, Service King has warned its lenders that dwindling cash is casting doubt on its ability to pay debt and continue as a going concern. The business news publisher cites anonymous sources familiar with the company’s financial results indicating that lower sales compared to pre-pandemic levels is impacting the company’s ability to service its debt.

Service King Collision Repair Centers logoAccording to the article, Service King had reported $31 million in cash as of the third quarter after it drew $72 million on its revolving credit facility and maxed out its borrowing availability. The company, backed by Blackstone, Inc.

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Filed Under: News Tagged With: Earnings, Service King Collision Repair Centers

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