CIT Commercial Credit - Zink Imaging Division: Phoenix Management Services Client ZINK Imaging, Inc. was formerly a division within Polaroid Corporation that was created to advance a new photo-printing technology that does not require ink cartridges, ribbons or toner. ZINK is now a privately held stand-alone company headquartered in Waltham, MA. Problem Phoenix Management Services was engaged to conduct an operational due- diligence review on behalf of CIT Commercial Credit of ZINK Imaging, Inc. as a prospective borrower. ZINK was seeking to secure a $8MM revolver and a $2.5MM term loan from CIT Commercial Credit. At that time, ZINK had anticipated a launch of their product within 6 months of securing credit facilities. They had recently purchased a manufacturing facility in NC. The credit

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