Commercial Finance Partners is pleased to announce the closing of a $2,000,000 asset-based loan for a national prescription drug supplier headquartered in Michigan. Commercial Finance Partners is pleased to announce the closing of a $2,000,000 asset-based loan for a national prescription drug supplier headquartered in Michigan. The borrower, faced with restrictive bank covenants, sought out Commercial Finance Partners to provide a solution that would have less restrictions and increased availability for growth.

Gordon Brothers, the global advisory, restructuring and investment firm, has released an article that discusses the outcome of the Paycheck Protection Program (PPP), including its impact on individuals, firms and lenders, as well as its aid for sectors most challenged by the COVID-19 pandemic.

Stein Mart, Inc. (NASDAQ: SMRT) today announced that it and its subsidiaries (collectively, the “Company”) have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida – Jacksonville Division (the “Bankruptcy Court”).

PREIT has a primary focus on the ownership and management of differentiated retail shopping malls crafted to fit the dynamic communities they serve. The Company operates properties in 12 states in the eastern U.S. with concentration in the Mid-Atlantic and Greater Philadelphia region. The Company is headquartered in Philadelphia, Pennsylvania.

With the Small Business Administration’s (SBA) Loan Forgiveness Portal now live, Wolters Kluwer Compliance Solutions has begun submitting completed borrower loan forgiveness application data directly to the SBA via its TSoftPlus™ PPP Forgiveness Module. The Module was launched in June to help lenders guide small business client recipients of Paycheck Protection Program (PPP) funding in processing online and in-person loan forgiveness applications. The SBA’s Loan Forgiveness Portal went live Monday, August 10.

Sterling National Bank's Commercial Services Group provided senior secured credit facilities totaling $3,500,000 to Dr. Earth, Inc. (“Dr. Earth” or the “Company”). The credit facilities will provide working capital to further expand and support the Company’s future projected growth.

BTIG announced today that Kimberly Boulmetis has joined the firm’s Specialty Finance Investment Banking unit as a Managing Director. Ms. Boulmetis will be based in the firm’s New York office, and will report to Dan Blood, Managing Director and Head of Specialty Finance, at BTIG.

Small, Mid-size Businesses Moving Forward in Face of Unprecedented Economic Disruption. Economic Shifts Underway as Pandemic Accelerates Investments in Tech, Automation, Workplace Transformation

As the initial shockwaves of the global pandemic subside, middle market sponsors and lenders have proven supportive of their portfolio companies as the financial challenges caused as a result of stay-at-home orders began to crystalize, according to analysis from Lincoln International, a leading global investment banking advisory firm, based on its proprietary database of over 2,100 portfolio companies primarily owned by private equity firms with median EBITDA of approximately $30 million.

Monroe Capital LLC (“Monroe”) was selected as the recipient of the 2020 Best U.S. Direct Lending Fund by Creditflux, a London-based global publication and leading information source for the rapidly evolving market for credit funds and CLOs. The award was presented to the firm’s Monroe Capital Private Credit Fund II LP. This award is given to one direct lending fund each year among all the U.S. direct lending funds. It is the third consecutive year that Monroe has won the Creditflux Best U.S. Direct Lending Fund Award.

Stapleton Group is pleased to announce that Mike Bergthold joined the team as a Managing Director to support increasing demand for the firm’s comprehensive strategic advisory and restructuring services. As one of the largest independent providers of financial advisory and professional fiduciary services in the Western U.S., Stapleton has completed more than 250 engagements exceeding $2 billion in assets since it was founded in 2008.

After Stein Mart’s Chapter 11 filing, Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group, B. Riley Financial’s Great American Group and SB360 Capital Partners have been assigned to manage the going out of business sale process.

Brooks Brothers (the “Company”), America’s oldest apparel company, today announced that Authentic Brands Group (“ABG”) and SPARC Group LLC (“SPARC”) (or the “bidders”) were selected as the winning bidders in the Company’s competitive sale process after they increased their offer to $325 million for the vast majority of the Company’s global business operations as a going concern as well as its intellectual property portfolio.

Strategic Capital Fund Management, an alternative investment product sponsor, is announcing that it has expanded its executive leadership team with the hiring of a Vice President of Acquisitions and Asset Management who brings with him extensive experience in commercial real estate investment and business strategy. Scott Jacobs will be instrumental in supporting Strategic Capital Fund Management’s digital infrastructure (data center and wireless telecom infrastructure) acquisition teams. In doing so, he is actively involved in corporate finance strategy, underwriting new opportunities, financial modeling, asset management, asset and fund-level financing, and dispositions.

TAB Bank is pleased to announce the addition of Ralph Kourtjian (947-465-1703, ralph.kourtjian@tabbank.com) to their business development team as Vice President and Business Development Officer. Ralph will be based in Michigan and will be responsible for sourcing new business opportunities by providing asset-based and factoring working capital facilities to commercial entities in the Upper Midwestern United States with annual revenues of $2 million to $150 million.

CIBC Innovation Banking is pleased to announce a US$5.5 million debt financing for Health Fidelity, Inc. (“Health Fidelity”), a healthcare technology market leader focused on supporting health plans and hospital systems successfully engaged in risk-sharing arrangements. The company will use the debt capital to accelerate new product delivery to the provider market and expand market development.

A syndicate of five international financial institutions, including BNP Paribas (‘BNPP’), ING Capital LLC (‘ING’), Mizuho Bank, Ltd. (‘Mizuho’), Natixis, New York Branch (‘Natixis’), and Société Générale will act as the Mandated Lead Arrangers (‘MLAs’). The formal Mandate follows the signing of a non-binding indicative term sheet (‘Term Sheet’) for an up to US$325 million debt facility (the “Facility").

Focus Management Group (FMG), a nationwide turnaround and restructuring firm, is excited to announce they have elevated their team with the addition of Perry Kalajian. Perry will serve as a Senior Managing Director to meet the firm’s growing activity levels for its turnaround management team and corporate restructuring services.

CapX Partners (CapX), a leading middle-market equipment finance provider, announces the completion of a $27 million equipment lease facility for a rapidly growing, Midwest-based client. The facility supports the acquisition of mission-critical equipment enabling the company to continue on track with its plans for growth.

Full-court press on lease-renegotiation, sale-leasebacks and structured sales of non-core assets can cut costs and bolster liquidity, writes Jeff Hubbard for University Business.com.