Business Capital (BizCap®), a leading commercial finance and advisory firm, is expanding its team with the recent addition of David Schubel as a Vice President of Originations. He will be based in Texas and responsible for developing and managing new business opportunities in the Southwest region, working with our capital markets and credit teams, partners and clients to structure and deploy commercial financing and restructuring solutions for mid-sized businesses.

The 2020 pandemic has created financial stress for many businesses throughout the country. Many of these are well-run companies challenged by forces beyond their control. During exceptional times, bank lending restrictions and standard loan structuring methodologies may not provide enough flexibility for companies. Gibraltar prides itself on understanding the situations our clients face and creating flexible financing structures to meet their challenges head on. This enabled us recently to provide Ditto Sales Inc. with a $4 million asset-based loan to help them manage through obstacles faced by their business.

Amerisource Business Capital announced the closing and funding of a $5,500,000 credit facility for a metal stamping firm based in Ohio. The proceeds are being used to refinance their existing bank debt.

UMH Properties, Inc. (NYSE: UMH) today announced that it has successfully completed the financing of 28 of its unencumbered communities, containing approximately 4,100 sites, through Wells Fargo Bank, N. A. for total proceeds of approximately $106 million. This Federal National Mortgage Association (Fannie Mae) credit facility has a 10-year maturity with a 30-year amortization schedule. Interest is at a fixed rate of 2.62%. The proceeds will be used to redeem our 8% Series B Perpetual Preferred Stock and to also invest in additional acquisitions, expansions and rental homes further enhancing our ability to provide quality affordable housing in the markets that we serve.

CBL Properties (NYSE:CBL) today announced that the Company has entered into a Restructuring Support Agreement (the “RSA”) with certain beneficial owners and/or investment advisors or managers of discretionary funds, accounts, or other entities (the “noteholders”) representing in excess of 57% of the aggregate principal amount of the Operating Partnership’s 5.25% senior unsecured notes due 2023 (the “2023 Notes”), the Operating Partnership’s 4.60% senior unsecured notes due 2024 (the “2024 Notes”) and the Operating Partnership’s 5.95% senior unsecured notes due 2026 (the “2026 Notes” and together with the 2023 Notes and the 2024 Notes, the “Unsecured Notes”).

Expert insights help lenders manage regulatory, operational challenges brought about by the pandemic.

Frontier Communications Corporation (OTCMKTS: FTRCQ) (“Frontier” or the “Company”) today announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization (the “Plan”), subject to final documentation. Upon emergence, the Company will have reduced its total outstanding indebtedness by more than $10 billion and have achieved significant financial flexibility to support continued investment in its long-term growth. The Company expects to complete its restructuring and successfully emerge from Chapter 11, following the completion of the regulatory approval process.

1-800-FLOWERS.COM, Inc. a leading ecommerce provider of products and services designed to inspire more human expression, connection and celebration, today reported entering into a First Amendment (the “Amendment”) to its Existing Credit Agreement (as defined below) on August 20, 2020 with its existing syndicate of banks led by JPMorgan Chase Bank, N.A., as a lead arranger and bookrunner.

Marco Capital Inc., a Miami, Florida-based trade finance specialist, focusing on cross-border transactions in Latin and South America, continues to grow its executive team. Immediately following the Labor Day weekend, Barry Kastner will assume the role of Executive Vice President and Senior Managing Director. He will use his well-established industry knowledge and associations to lead the Business Development efforts and will be responsible for building key, strategic relationships in the US and Canada.

Advanced Green Innovations, LLC and its subsidiaries ZHRO Power, LLC and ZHRO Solutions, LLC ("AGI/ZHRO") emerged from restructuring proceedings as Proteum Energy, LLC, the developer of leading-edge patented technology in the oil and gas industry to produce low cost hydrogen, pipeline quality methane, and designer fuels from flare and residual gases.

The Facility will have a minimum utilization of $750 million and a term of three years. Bombardier will have the right to voluntarily prepay the outstanding amount of the Facility. In addition, the completion of the sale of Bombardier Transportation will require Bombardier to make an offer to repay 50% of the then outstanding principal amount of the Facility.

LBC Credit Partners (“LBC”), one of the leading providers of financing solutions to middle market companies, provided a senior secured term loan facility, as part of a $115 million senior secured credit facility, to AOG, LLC d/b/a TruFood Manufacturing (“TruFood”), a portfolio company of AUA Private Equity Partners, to support the acquisition of Simply Natural Foods (“Simply Natural” or the “Company”).

Sallyport Commercial Finance arranges a $500,000 accounts receivable facility to a servicing company in the energy sector that pivoted the business to include green energy with inspection and servicing agreements on wind turbines. As the oil prices dropped and Covid-19 halted the economy, the owners proactively moved into a new market with growing demands.

Huntington Business Credit announced it closed new $6,500,000 credit facilities with Onodi Tool & Engineering Company on July 31, 2020. Proceeds of the facilities were used to partially finance the acquisition of the company by Covington Capital and provide ongoing working capital growth financing. Covington Capital is a Troy, Michigan based private equity firm.

American Express (NYSE: AXP) today announced that it has entered into an agreement to acquire substantially all of Kabbage, a leading financial technology company providing cash flow management solutions to small businesses in the U.S. The transaction represents an important step toward American Express’ goal of being an essential partner to small businesses through a broad range of payment, cash flow and financial management tools.

The firm follows the likes of rivals Noble Drillng and Diamond Offshore into the US-style bankruptcy process. Chapter 11 allows firms to continue trading while restructuring their debt – a move that helicopter firm Bristow has recently carried out.

First Business Growth Funding, the accounts receivable financing arm of First Business Financial Services, Inc., today announced that Aaron Dever has been hired as Vice President – Business Development Officer. Aaron has spent his entire career in consumer and commercial finance, with the last 24 years in accounts receivable finance and asset-based lending. At First Business, Aaron is responsible for sourcing accounts receivable finance transactions throughout the southeastern U.S. and nationwide.

A recently completed economic impact study of Hilco Redevelopment Partners’ (HRP) proposed redevelopment of the closed former Philadelphia Energy Solutions (PES) refinery in South Philadelphia is projecting significant job creation and a positive economic impact to the city and region. HRP, the real estate development unit of Hilco Global, remediates and redevelops complex and obsolete industrial properties in cities nationwide.

Stonebriar Commercial Finance (“Stonebriar”), a large-ticket independent diversified commercial finance & leasing company, announced that it has closed its seventh commercial equipment asset-backed securitization (“ABS”), SCFET 2020-1, a $572 million ABS issuance with top tranches achieving the highest possible short-term and long-term ratings from Moody’s Investors Service (“Moody’s”) and Kroll Bond Ratings Inc. (“Kroll”).

The U.S. Bank Foundation fund supports leaders of color and addresses inequities, with initial $5 million going toward Twin Cities.