Vehicle conversion firm Starcraft Corp. signed an amended financing agreement today (Dec. 20) to support its bus, mobility and Tecstar joint venture operations.
Starcraft now has $22 million available, up from $14 million. It includes a $3.5 million term loan that matures next November and a revolving credit facility.
The additional funding will help finance the recently opened Tecstar plant in Bridgewater, N.J., and the re-opening next month of the Tecstar plant in Grand Prairie, Tex. The Texas plant had been closed for an extended period so General Motors Corp. could re-tool a nearby facility for production of new Suburban and Tahoe sport utility vehicles.
Starcraft also needed the additional capital to support growth in its bus operation and Mobility Division, said Richard Mullin, CFO.