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Of the $14 billion in emergency loans made by JPMorgan Chase Bank through the government-backed Paycheck Protection Program, a disproportionate percent went to larger clients rather than the small firms expected to favor from the funds.Multiple media reports single out the bank for disparities that were revealed by its own data accounting.According to a story in The Washington Post, more than 300,000 customers of JPMorgan’s business banking unit, which serves smaller firms, applied for loans Read Story

Filed Under: Industry News
April 22, 2020 @ 09:10 AM

State banking groups issued a call to Congress for what they view as an opportunistic move by credit unions to receive favorable policy changes as a result of Covid-19, particularly expansion of the Member Business Loan cap.In a letter to congressional leaders, state banking associations in all 50 states wrote:"The undersigned state bankers associations, representing banks of all sizes in every state, support broad-based solutions that address the many challenges faced as our communities Read Story

Filed Under: Banking News
April 24, 2020 @ 09:30 AM

J.Crew Group, Inc., an internationally recognized omni-channel retailer of women's, men's and children's apparel, announced it has reached an agreement with its lenders holding approximately 71% of its Term Loan and approximately 78% of its IPCo Notes, as well as with its financial sponsors, under which the Company will restructure its debt and deleverage its balance sheet, positioning J.Crew and Madewell for long-term success.Under the terms of the Transaction Support Agreement ("TSA"), the Read Story

Filed Under: Bankruptcy
May 04, 2020 @ 09:20 AM

CIT Group Inc. announced its Technology, Media and Telecommunications unit served as joint lead arranger and administrative agent for a $325 million round of financing for Mobilitie Investments III LLC, a telecommunications infrastructure provider.This is the third financing round that CIT has led in recent years on behalf of Mobilitie, which owns and operates a national portfolio of wireless communications infrastructure, including towers, distributed antenna systems and wi-fi networks. Read Story

Filed Under: infrastructure
April 24, 2020 @ 09:25 AM

Legal experts say COVID-19 related business bankruptcy filing in the state of Delaware will likely outpace those seen during the Great Recession of 2008-2009, as the first cases begin to land in front of judges.According to a report from Delaware Public Media, several companies filed Chapter 11 during the month of April, including an affiliate of airline JetSuite, filed bankruptcy petitions related to business disruptions created by the Coronavirus.This has restructuring agents and attorneys Read Story

Filed Under: Bankruptcy
May 01, 2020 @ 09:05 AM

2020-05-25 13:15