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Siena Lending Group Closes $6MM DIP for Gourmet Express

April 22, 2015, 08:07 AM
Filed Under: Bankruptcy

Siena Lending Group announced the completion of an $6.0 million debtor-in-possession revolving credit facility for Gourmet Express, LLC (“Gourmet”). The facility will be used to fund working capital until the completion of a bankruptcy sale.

Headquartered in Greenville, KY, Gourmet is a packaged consumer products company specializing in the production, distribution and marketing of a wide variety of frozen food products. David Grende, President and CEO of Siena Lending Group, said, “We are pleased to be able to provide the company with the working capital it needs as they transition into their next phase”.

Robert Iommazzo, Chief Restructuring Officer of Gourmet and a Managing Director at Traxi, LLC, said, “We were able to utilize Siena’s knowledge of the bankruptcy process to provide Gourmet with the funding to help navigate through the bankruptcy.”

Siena Lending Group is an independent commercial finance company offering asset based loans between $1 million and $25 million to small and middle-market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset based product for community and regional banks that desire improved operating metrics and asset diversification.

Siena’s independence as a finance company allows innovative & flexible solutions, while allowing its customers to maintain a relationship with their own bank. Siena’s management team is experienced, innovative, dependable, entrepreneurial, and highly regarded within the industry. The team has, on average, over 20 years each of experience and has transacted over $12 billion in facilities.

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