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Sears Holdings is suing its former CEO and would-be savior Eddie Lampert for allegedly offloading company real estate to finance his own purchase of Sears' assets at the expense of creditors.According to multiple media reports, the complaint named Lampert, his hedge fund ESL Investments, and other senior executives of pre-bankruptcy Sears as defendants. It also names for Treasury Secretary Steven Mnuchin, who prior to joining the Trump Administration sat on Sears' board.  "As Sears was sliding Read Story

Field Under: Bankruptcy
April 19, 2019 @ 09:15 AM

GA Global Partners, LLC ("GA Global"), a leading asset disposition solutions provider, announced Jeff Tanenbaum has rejoined the firm as President. He is based in the firm's headquarters in Calabasas, CA.Tanenbaum brings more than 30 years of leadership and experience crafting and implementing hundreds of successful disposition solutions for a broad range of commercial and industrial equipment, wholesale inventories, real property and complete enterprises. In his new role, Tanenbaum will lead Read Story

April 19, 2019 @ 09:10 AM

Encina Business Credit, LLC (EBC) announced that it has provided a $57.5 million senior secured revolving credit facility to a manufacturer and supplier of concrete construction products. The credit facility consists of a revolving line of credit based on accounts receivable, inventory, and a rental fleet. The loan will be used to refinance an existing facility of the company.Launched in March 2016, EBC is an independent asset-based lending platform targeting middle-market borrowers in the U.S. Read Story

Field Under: Construction Supply
April 19, 2019 @ 09:05 AM

CIT Group Inc. announced that its Real Estate Finance division has provided $28.6 million in acquisition financing for The Quay on 17th Street, a shopping center in Fort Lauderdale, Florida.The property, which is being acquired by a joint venture managed by Mast Capital, is fully occupied by multiple tenants, including the popular Boatyard restaurant."We are excited about the potential of the center," said Matthew Adler, chief investment officer of Mast Capital. "CIT had the agility and Read Story

Field Under: Real Estate
April 19, 2019 @ 08:55 AM

Silicon Valley Bank (SVB) announced that it led a $55 million senior secured term loan to US HealthVest (USHV), a developer and operator of behavioral health facilities.The financing includes a $30 million first lien revolving line and term loan from SVB and a $25 million second lien term loan from a third party. The financing will support the refinancing of existing debt and growth capital for facility expansion.Bringing psychiatric and substance abuse care to underserved communities, USHV Read Story

Field Under: Healthcare
April 19, 2019 @ 08:50 AM

Second Avenue Capital Partners, LLC (SACP), and White Oak Commercial Finance, LLC (White Oak), an affiliate of White Oak Global Advisors, LLC, announced today the closing of a $35,000,000 asset-backed revolving credit facility for Charming Charlie, a Houston-based women’s specialty retailer. The new facility will be used to finance the company’s working capital needs.Chris O’Connor, President of SACP, expressed his excitement about working with Charming Charlie and its impressive leadership team Read Story

Field Under: Retail
April 18, 2019 @ 09:15 AM

Brex, the first corporate card for startups, and Barclays Investment Bank, today announced a $100 million debt capital raise to help power the next phase of Brex’s growth. The capital comes in the form of a warehouse line of credit, which is backed by Brex’s corporate charge card receivables. With the financial support from Barclays, Brex will continue to scale its corporate offerings to different business verticals and evolve to meet the needs of its growing clients.Recently, the company has Read Story

Field Under: Industry News
April 18, 2019 @ 09:10 AM

AVENUE Stores, LLC, an omni-channel retailer of the AVENUE® brand of women’s plus-size fashion apparel, footwear and accessories, announced the successful refinancing of its outstanding capital structure.A new revolving credit facility was provided by PNC Bank, N.A., to retire AVENUE®’s existing term loan, which will fund ongoing liquidity and working capital needs and support the Company’s strategic plans.“AVENUE® has established itself as a pioneer and champion for women with a mission to Read Story

Field Under: Retail
April 18, 2019 @ 09:05 AM

SG Credit Partners (SGCP) provided a $5 million credit facility to an oilfield service provider that specializes in pipeline construction and the fabrication of modularized production facility equipment to midstream operators as well as exploration and production (E&P) companies that operate in the Permian and Eagle Ford Basins.The acquiring firm is an energy-focused holding company that provides financial, technical, operational and strategic management services to its subsidiaries across the Read Story

Field Under: Oil & Gas
April 18, 2019 @ 09:00 AM

Siena Lending Group LLC (Siena), announced the completion of a three-year $10.0 million asset based revolving credit facility for Integrity Delaware, LLC dba Integrity Industries (Integrity) to provide additional working capital for the business as they ramp back up and begin their expansion plans to meet the rising tide in the oilfield.Headquartered in Kingsville, TX, Integrity is a leading manufacturer of high-quality drilling fluid products and oilfield specialty chemicals, including oil Read Story

Field Under: Oil & Gas
April 18, 2019 @ 08:55 AM

Tiger Group announced industry veteran Matthew Miller has joined the firm as Senior Director of Appraisals. In his new role, Miller manages the daily operations of the firm’s comprehensive consumer and industrial asset appraisal practice, directing annual valuations totaling $30 billion.The Boston-based Miller brings nearly 20 years of experience in the field of inventory appraisals, most recently with Gordon Brothers Group, which he joined in 2005 as a Project Manager and went on to serve as a Read Story

April 17, 2019 @ 09:15 AM

Capital One announced Gary Raisig has joined its Middle Market Banking group on Long Island as a Senior Vice President and Relationship Manager. Raisig will work with a portfolio of middle market clients with annual revenues that range from $20 million to $2 billion. His specialties include working capital and ABL facilities, owner-occupied real estate, depository and treasury management services, capital market services, and foreign exchange and trade services.Raisig will report to Miriam Read Story

April 17, 2019 @ 09:10 AM

Middle market private companies in the Golub Capital Altman Index experienced approximate year-over-year earnings growth of 9.5% and revenue growth of 9.3% during the first two months of the first quarter of 2019. This compares to approximate year-over-year earnings growth of 13.4% and revenue growth of 10.6% in the fourth quarter of 2018.Lawrence E. Golub, CEO of Golub Capital, said, "U.S. businesses selling primarily in the domestic market are in great shape. The Golub Capital Altman Index Read Story

Field Under: Economy
April 17, 2019 @ 09:05 AM

The following members of the American Bankruptcy Institute (ABI) were elected to leadership positions as officers and directors during ABI’s 2019 Annual Spring Meeting, held April 11-14 in Washington, D.C.: Alane A. Becket of Becket & Lee, LLP (Malvern, Pa.) becomes ABI President for a one-year term, succeeding Ted Gavin of Gavin/Solmonese LLC (Wilmington, Del.) who now assumes the position of Immediate Past President. Hon. Barbara J. Houser (N.D. Tex., Dallas), formerly ABI’s Vice President Read Story

Field Under: Bankruptcy
April 17, 2019 @ 09:00 AM

The 12 Federal Reserve Banks issued the Small Business Credit Survey: 2019 Report on Employer Firms, which examines the findings of an annual survey of small business owners nationwide. The Report focuses on small employer firms, businesses that have between 1 and-499 full- or part-time payroll employees (hereafter “firms”). It is the latest addition to the Reserve Banks’ hub for small business research and analysis, FedSmallBusiness.org.Fielded in the third and fourth quarters of 2018, the Read Story

Field Under: Industry News
April 17, 2019 @ 08:55 AM