invoice

The supplier of oil filters and windshield wipers has some $6 billion in balance-sheet debt in addition to its off-balance-sheet financing, primarily from factoring, a form of short-term borrowing backed by its customers’ unpaid invoices.

That was a limited liability company that partnered with the charity to offer jobs to people in Uganda, mostly to handle back-office work for U.S. companies, including the collection of past-due invoices.

The auto-parts supplier relied heavily on factoring, a form of short-term borrowing backed by customers’ unpaid invoices, The Wall Street Journal has previously reported.

Much of that should be recovered when the shutdown ends, assuming the government makes good on delayed invoices and back pay for furloughed workers.

Briones allegedly demanded a series of payments and gifts from vendors, concealed by falsified invoices, “in exchange for his agreement to carry, increase purchases of, or prominently display certain wines,” according to court filings.