ECN Capital (TSE:ECN) has released an update.
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ECN Capital Corp. has announced the successful completion of selling its Red Oak Inventory Finance division to BharCap Partners as part of the company’s strategy to simplify its corporate structure and focus on its RV & Marine and manufactured housing platforms. The sale, which was finalized on February 21, 2024, resulted in immediate debt reduction under ECN’s credit facility, with the proceeds set to support future investments in their core business areas. The transaction was guided by RBC Capital Markets as financial advisor and Cravath, Swaine & Moore LLP as legal counsel.
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