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Finacity facilitates daily funding and reporting at an annual run rate of over $100 billion in receivables with obligors in more than 175 countries

Warning: Credit Risk is Spreading

Aug, 2008 by

On June 29, David Schier, credit manager for Jacobus Energy, a Milwaukee, Wis.-based fuel supplier, was enjoying a relaxing Sunday until he received a call from the company’s sales rep for Indiana. It was bad news. The rep had heard that one of Jacobus’ bigger customers – Alvan Freight, a Kalamazoo-Mich. trucking company – was about to file for bankruptcy protection. Jacobus’ owner was promptly informed, and the Alvan account was immediately locked to prevent any fresh shipments going out.