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German Financial Regulator Refers Greensill Matters to Criminal Prosecutors

Embattled financial startup Greensill Capital plans to file for insolvency in the U.K. this week, as it simultaneously moves toward a deal to sell its operating business to Apollo Global Management, according to people familiar with the matter.

Also Wednesday, in a dramatic ratcheting up of Greensill’s problems, Germany’s top financial regulator BaFin referred matters related to the firm’s banking unit, Greensill Bank AG, to criminal prosecutors, according to a spokesman for the Bremen prosecutors office. Details of the complaint sent to prosecutors couldn’t be learned; it is up to the prosecutors to decide whether to file any charges.

SFNet will be providing original content shortly on the unfolding Greensill Capital story. Continue to check TSL Express for updates.

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TSL Express Daily Headlines & News

  • Wells Fargo Names Lester Owens as New Head of Operations
    April 28, 2020
    Wells Fargo & Company (NYSE: WFC) today announced that Lester Owens will join the company in the newly created role of head of operations, responsible for building a more unified, more integrated approach to Wells Fargo’s business operations functions. Owens, who joins Wells Fargo in late July 2020, will report to Chief Operating Officer Scott Powell and will serve on the company’s Operating Committee.
  • Amerisource Closes $4,000,000 Credit Facility for Equipment Rental Firm
    April 28, 2020
    Amerisource Business Capital announced the closing and funding of a $4,000,000 revolving credit facility for a Texas-based natural gas compression services firm.
  • ABLC Celebrates Expansion with the Opening of Two New Northeast Offices
    April 28, 2020
    Asset Based Lending Consultants would like to announce the that we now have a stronger presence in the New York Tri-State Area with not just our new office in Connecticut, led by Patrick Chemngorem, CPA, but with the opening of our New York Metropolitan Area office, headed up by Dustin Fitzpatrick, as of June 1st,2020. The presence of these two offices, now gives us an opportunity to assist lenders within the Tri-State area in an ever busy and everchanging market.
  • Gordon Brothers Names Evren Ozargun as Managing Director of Corporate Development and Credit
    April 27, 2020
    Gordon Brothers, the global advisory, restructuring, and investment firm, announced today the appointment of Evren Ozargun as Managing Director of Corporate Development and Credit. In his role, Ozargun will serve as advisor to senior leadership, helping set and execute the firm’s strategic agenda, including identifying and supporting new initiatives, pursuing new alliances, and structuring complex transactions.
  • Central Bank Balance Sheets Surge on Coronavirus Crisis
    April 27, 2020
    Global Quantitative Easing (QE) asset purchases are likely to reach USD6 trillion in 2020, Fitch Ratings says. Central banks' balance sheets are expanding extremely rapidly as they buy up large quantities of public and private assets and increase their lending to financial institutions in their efforts to counter the damaging economic impact of the coronavirus.
  • Gerber Finance Inc. Funds $2 Million Line of Credit to MPOWERD
    April 27, 2020
    Gerber Finance Inc. announced it provided a $2 million line of credit to MPOWERD. MPOWERD aims to create responsibly crafted, sustainable products, that while addressing a particular need, have a positive impact on the environment. MPOWERD believes that everyone deserves access to clean, reliable, and affordable energy — no matter how or where they live. To date, MPOWERD has positively impacted 3.7+ million lives while averting 1.4+ million US tons of CO2 in the process.
  • Hotels Require More PPP Loan Funding to Save Jobs
    April 27, 2020
    New report shows without increased loan limits in the Paycheck Protection Program (PPP), small business hotels won’t be able to keep doors open and rehire employees. AHLA sends urgent letter to Congress signed by 13,000+ hoteliers from all 50 states requesting additional SBA Loan funding and updates to CARES Act.
  • US Foods Completes Acquisition of Smart Foodservice Warehouse Stores
    April 27, 2020
    US Foods Holding Corp. (NYSE: USFD) today announced that it has successfully completed the previously announced $970 million all cash acquisition of Smart Foodservice Warehouse Stores (“Smart Foodservice”). The transaction that closed today excludes the Smart & Final retail grocery business, which was previously separated from Smart Foodservice. US Foods funded the purchase price for the acquisition with cash on hand and the proceeds from a $700 million term loan.
  • Northwest Bancshares, Inc. Completes Merger with MutualFirst Financial, Inc.
    April 27, 2020
    Northwest Bancshares, Inc. ("Northwest") (NASDAQ: NWBI), the holding company for Northwest Bank, announced today that it has successfully completed its merger with MutualFirst Financial, Inc. ("MutualFirst Financial") (NASDAQ: MFSF), the holding company for MutualBank.
  • Ryder Further Strengthens its Liquidity Position with Renewal of $300M Receivable-Backed Financing Facility
    April 27, 2020
    Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, dedicated transportation, and supply chain solutions, today announced it has renewed its $300 million receivable-backed financing facility with two large banks for an additional 364 day period, further enhancing its solid liquidity position. MUFG Bank, Ltd. acted as Facility Agent for this transaction. MUFG Bank, Ltd. and Mizuho Bank, Ltd. are serving as participating lenders.
  • Yukon Supports Revelstoke’s Recapitalization of Crossroads Treatment Centers
    April 27, 2020
    Yukon Partners (“Yukon”), a provider of mezzanine capital for middle market private equity transactions, is pleased to announce its investment in Crossroads Treatment Centers (“Crossroads” or the “Company”), a portfolio company of Revelstoke Capital Partners (“Revelstoke”). Crossroads, based in Greenville, South Carolina, is a premier provider of medication assisted treatment services in the United States.
  • RS Technologies Inc. Announces Completion of Credit Facilities With JPMorgan Chase Bank, N.A. and Purchase of Utah Facility For U.S. Expansion
    April 27, 2020
    In response to growing demand for its leading edge transmission and distribution poles, RS Technologies Inc. ("RS" or the "Company") is pleased to announce that it has, together with its subsidiary RS Utility Structures Inc., entered into a credit agreement (the "Credit Agreement") with JPMorgan Chase Bank, N.A., Toronto Branch (the "Bank") for a five year term that provides for senior secured debt financing.
  • JCPenney Negotiating With Lenders Over Bankruptcy Funding
    April 27, 2020
    J.C. Penney Company Inc. (NYSE: JCP) is negotiating bankruptcy financing with banks for a debtor-in-possession loan to secure liquidity for operations during bankruptcy. J.C. Penney is at an advanced stage of discussions with Wells Fargo & Co. (NYSE: WFC), Bank of America Corp. (NYSE: BAC) and JPMorgan Chase & Co. (NYSE: JPM) to secure funding to the tune of $800 million to $1 billion, through a debtor-in-possession loan.
  • Gap to Shore Up Liquidity Amid Cash Squeeze Warning
    April 27, 2020
    Gap Inc. (GPS) raised $2.25 billion in debt as the cash-strapped clothing retailer warned that it may run out of money in the next 12 months, while also announcing the suspension of rent payments. Gap will use the net proceeds of the debt offering to refinance its $1.25 billion notes due April 2021, as well as all outstanding amounts under its existing $500 million, five-year, unsecured revolving credit facility, which is scheduled to expire in May 2023, and for general corporate purposes.
  • Wereldhave Launches Green Financing Framework and Secures new Funding
    April 27, 2020
    Wereldhave N.V. ("Wereldhave") announces today the launch of the Green Financing Framework and has agreed under this framework a new Green Revolving Credit Facility of EUR100 million with ABN AMRO Bank N.V. as a sole lender.
  • AvidXchange Secures Additional $128 Million in Funding, Raising a Total of $388 Million in Latest Financing
    April 27, 2020
    Contributing investors represent a diverse cohort of the foremost capital management firms, including Lone Pine Capital, Schonfeld Strategic Advisors, Pivot Investment Partners, Mastercard, Sixth Street Partners and Neuberger Berman on behalf of clients.
  • CIT Leads $325 Million Financing for Mobilitie
    April 27, 2020
    CIT Group Inc. (NYSE: CIT) today announced that 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.
  • J D Factors Announces Factoring Facilities
    April 27, 2020
    J D Factors announced it provided the following factoring facilities: $100,000 to a staffing company in Alberta; $300,000 to a transportation company in Nevada; $250,000 to a transportation company in Ontario; $120,000 to a transportation company in California; $200,000 to a transportation company in New York and $120,000 to a transportation company in Pennsylvania.
  • Change Capital Provides $2MM to a National Healthcare Staffing Platform
    April 27, 2020
    An auxiliary healthcare staffing platform had an asset-based revolving line of credit in place which was approaching renewal. Due to the company’s rapid growth over the past several years, they had accumulated an over-advance balance of approximately $1MM which was causing them to be charged a much higher rate of interest.
  • Bipartisan Group of 28 Members of Congress Call for Lender Eligibility as Borrowers Under PPP in Support of SFNet Position
    April 24, 2020
    The letter, spearheaded by Reps. Ted Budd (R-NC) and Blaine Luetkemeyer (R-MO), argues that, “While the PPP was statutorily “housed” in section 7(a) of the Small Business Act so that it could use 7(a) Program loan delivery infrastructure, eligibility for the PPP, a new and separate program, was intended to extend to “any business concern” that meets the applicable CARES Act employee thresholds. The Small Business Administration (“SBA”) unduly narrowed the intended broad statutory scope of PPP eligibility when it by rule rendered ineligible for PPP any business ineligible to borrow under the 7(a) Program, which includes lending and financing companies.” Click here to view the letter.

 

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