Reddi Brake Works Out New Line of Credit
Reddi Brake Supply Corp. in Ventura, operator of a nationwide chain of auto-parts distribution centers, has replaced a line of credit that was about to expire with Japan’s Sumitomo Bank.
The company received a three-year commitment for a $13-million secured revolving credit line from CIT Group/Credit Finance Inc. in New York.
Reddi Brake has been seeking a new financing source since the Bank of New York Commercial Corp. terminated a commitment letter calling for it to replace a $7.2-million line with Sumitomo. That arrangement was due to expire at the end of this month.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
