TSL Express Daily Articles & News

SG Credit Partners, through its SG Software + Technology division, is thrilled to announce its partnership with Emporos via a $15 million credit facility. Emporos is a Pharmacy Commerce System, including a cloud-based Point of Sale (POS), that enables pharmacy access to patients in store, at bedside, at home, and online.

One of the world’s largest Internet retailers of high-performance telescopes is available for purchase as a going concern prior to the June 13 auction sale of the company’s inventory, Tiger Group announced.

The new name simplifies and more fully describes SPECTRUM’s role as an alternative lender to companies unable to obtain working capital and fixed asset financing from traditional sources. ​ As a result of portfolio growth and increased staff levels over recent years, SPECTRUM moved to new office space that allows for the company’s continued growth on a national level and more efficient day-to-day work flow.

Headquartered in Ocala, Florida, Signature Brands is a leading provider of dessert decoration and seasonal celebration products under beloved household brands such as Betty Crocker, Cake Mate, Brand Castle, PAAS, Pumpkin Masters, and GiftPop. Proceeds from the financing will be used to refinance an existing facility and provide working capital for operations and growth opportunities.

Five Star Bancorp (Nasdaq: FSBC) and its wholly owned subsidiary, Five Star Bank (“Five Star” or the “Company”), the top-performing community bank in the nation with assets between $3 billion and $10 billion according to S&P Global Market Intelligence, announced expansion into San Francisco, California, to seize market opportunities.

Based in Charlotte and focused on fund placement in the Mid-Atlantic, Southeast, and South regions, Matthew Flynn joins as managing director and Hudson Collins joins as director in New York.

B. Riley Securities, a leading middle market investment bank and subsidiary of B. Riley Financial (Nasdaq: RILY), today announced aerospace and defense (A&D) industry veteran, John Stack, has joined as Senior Managing Director, Aerospace & Defense Investment Banking. He joins B. Riley from Canaccord Genuity where he led the firm’s US A&D Investment Banking team.

Stapleton Group and Sorokin & Associates have entered a strategic partnership to deliver operationally focused Financial Advisory Services to companies in the U.S., Mexico, and Asia. The partnership combines Stapleton’s deep expertise in financial restructuring with Sorokin’s operational restructuring and optimization skills to resolve performance challenges faced by rapidly growing and distressed businesses.

Mitsubishi HC Capital America, the largest non-bank, non-captive finance provider in North America with $7.5 billion in owned and managed assets, is pleased to announce that Tracey Rogers has recently joined the company as Director of Capital Markets. ​

Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $10MM ABL facility, which included an AR and Inventory revolver to a large contract beverage manufacturer with a state-of-the-art production and packing facility. Proceeds from AFS’ credit facility were used to purchase inventory for new orders and to support near and long-term growth.

BHI, a full-service commercial bank, announced that it has granted a $20 million credit facility to Lendbuzz for working capital and general corporate purposes. This transaction exemplifies BHI’s commitment to the Tech industry and will support Lendbuzz’s further growth.

Hilco Corporate Finance (HCF), Hilco Global’s investment banking advisory firm, has named Scott Hadfield Senior Managing Director and National Practice Leader for Capital Advisory. He will be based in HCF’s New York office. ​

Despite the broader market headwinds for corporate finance and M&A deals, the Paul Hastings premier Global Finance practice's Q1 2023 deal flow increased year-over-year by 100% over the first quarter of 2022. Continuing its strong momentum into 2023, the robust team of 150+ finance lawyers represented more than 80 direct lenders and 50 investment banks in nearly 100 deals across varied industries including technology, healthcare, energy, and others.

Brian Killeen, currently the Bank's Senior Vice President and Controller, has been appointed Interim Chief Financial Officer, effective July 3, 2023. Mr. Killeen has been the Bank's Controller for the past 16 years. Prior to joining the Bank, Mr. Killeen spent the first seven years of his career working for KPMG LLP.

Commercial Chapter 11 filings increased 105 percent in May 2023 to 680 versus the 332 filings in May 2022, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data. Nearly half of the Chapter 11 filings were made by corporate subsidiaries.

Savi Financial Corporation, Inc. (OTC Pink: SVVB) (the “Company”), the bank holding company for SaviBank (the “Bank”), today announced the promotion of Henry Lee to Chief Credit Officer of SaviBank, effective July 11, 2023, succeeding Todd Anderson, who will transition to SVP/Strategic Projects with plans to retire in December 2023.

ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced the expansion and extension of its existing asset-based loan facility (the “Amended ABL”) to a new five-year term and an expansion of commitments from $150 million to $225 million.

First Citizens Bank today announced that it has named noted commercial banking executive Jim Hudak as president of its CIT Commercial Finance group, a division of First Citizens Bank, effective immediately. With more than 20 years as a commercial finance executive, Hudak is known throughout the industry for his leadership capabilities and strong commitment to customer support and satisfaction.

Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced that, pursuant to the previously disclosed Restructuring Support Agreement (“RSA") it reached with certain of its lenders holding over two-thirds of its outstanding term loan, the Company and certain of its subsidiaries have initiated a pre-arranged court-supervised process under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey.

Investment banking firm Ankura Capital Advisors is reportedly working with an unnamed bidder interested in acquiring the baby business and keeping some of its stores in operation. BBB was operating 120 buybuy Baby stores when it declared bankruptcy in April and announced it would begin closing all of the company’s stores.