TSL Express Daily Articles & News

Community Bank of the Chesapeake is pleased to welcome Sam Kessler as Vice President, Commercial Loan Officer. In this role, he will focus on generating business lending opportunities while building banking relationships. Sam will serve the Orange, VA and the surrounding markets, including Spotsylvania, Culpeper, Charlottesville and more.

AlixPartners, the global consulting firm, announced that Brian Kalms has joined as a Managing Director. Brian will focus on helping retail clients achieve business transformation through strategic technology innovation. Brian, who will be based in London, brings to AlixPartners more than 30 years of experience in management consulting and technology strategy. He has held senior leadership roles at Accenture and most recently at Elixirr, where he was the Lead Partner for Retail and Consumer and helped build the firm’s retail practice.

Curt Kroll has been promoted to Managing Director. During his tenure at SCP, Curt has served as Chief Restructuring Officer of National Stores and interim CFO at David’s Bridal, among other assignments. Miles Staglik has been promoted to Senior Director. In addition to his prowess as a performance improvement and turnaround advisor, Miles has been a dedicated mentor to the rising junior professionals at SCP. Tim Bossidy has been promoted to Senior Director. Tim has provided valuable financial counsel to his clients informed by his years as an investment banker, and has spearheaded SCP’s expansion into the maturing cannabis industry.

Amicus Therapeutics (Nasdaq: FOLD), a global, patient-dedicated biotechnology company focused on discovering, developing and delivering novel medicines for rare diseases, today announced that it has executed a definitive agreement for a $400 million credit facility with Hayfin Capital Management (“Hayfin”). The strategic financing allows Amicus to deliver on its mission for patients and shareholders and places it firmly on a path to profitability and its vision to become one of the world’s leading biotechnology companies focused on rare genetic diseases.

Onex Corporation (“Onex”) (TSX: ONEX) and Onex Credit have appointed Clint Comeaux as Head of High Yield Credit and Tom Higbie as Portfolio Manager for the Opportunistic Credit team. Mr. Comeaux and Mr. Higbie’s appointments are the latest of several new hires that will build upon Onex Credit’s well-established core bank loan and CLO businesses. These newly created positions will report to Stuart Kovensky and Jason New, Co-CEOs of Onex Credit.

Owl Rock Capital Partners ("Owl Rock"), a leading alternative asset manager, announced today the appointments of Alexis Maged,­­­ as Head of Credit, and Jeff Walwyn, as Head of Non-Tech Underwriting. Maged and Walwyn will assume their new roles effective immediately. In his newly created role as Head of Credit, Maged will oversee Owl Rock's credit underwriting, portfolio management and workout functions across the firm.

Tradewind Finance, in a deal debuting their funding capabilities for another local currency, has provided a factoring facility in HKD for a consultancy firm based in Hong Kong that provides financial advisory services to global banks and other financial institutions located in the region. The deal adds HKD to the roster of currencies in which Tradewind structures their cash flow arrangements, including USD, EUR, GBP, and HUF.

Newpoint Advisors Corporation, a financial consulting firm dedicated to improving troubled and underperforming businesses, today announced that David Safeer, a cash flow consultant with more than 20 years of experience, has been named Managing Director of the Salt Lake City office.

CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy unit served as lead arranger on a $126 million financing for the 108-megawatt (MW) direct current Trent River Solar project in Pollocksville, North Carolina. The financing was arranged on behalf of solar project developer Pine Gate Renewables, a leading utility-scale solar developer headquartered in Asheville, North Carolina.

Monroe Capital LLC today announced an increase in the credit facility to ATTOM Data Solutions (“ATTOM”) to support the acquisition of Home Junction, Inc. ATTOM is an existing portfolio company of Lovell Minnick Partners. Based in San Diego, CA, Home Junction Inc. is a real estate data technology company that specializes in building high quality geographic boundary datasets for neighborhoods, school attendance zones, subdivisions and more.

Joint venture partners Gordon Brothers and Hilco Merchant Resources announced that they have commenced “Going-Out-of-Business” sales at 720 Stage Stores, Inc. locations including Gordmans and all associated brand stores across the United States. The Company filed for Chapter 11 bankruptcy protection in May in order to explore recapitalization options as part of a larger restructuring strategy. The challenging preexisting market conditions were exacerbated by the COVID-19 pandemic and prevented the retailer from obtaining the required financing to continue operating stores outside of bankruptcy.

Gateway Trade Funding, a PO and trade financing company, is happy to announce that it has recently completed the following purchase order transactions: a $500,000 facility for a US Importer of chemicals selling to US OEMs; $500,000 facility for a US importer of automotive parts selling to US OEMs; $1,500,000 facility for a US importer of PPE products selling to the US government and US corporations and more.

SFNet member companies who factor or lend to borrowers in the State of New York in an amount of $500,000 or less per borrower and transact more than 5 deals per year, may be immediately affected by new disclosure legislation which SFNet believes is adverse to our members’ interests and is quickly making its way through the New York State legislature.

Cirque du Soleil Entertainment Group, which is restructuring under court protection in Canada, accepted a recapitalization offer from a group of lenders, people with knowledge of the matter said. The ad hoc committee of creditors, which represents holders of about $760 million in Cirque debt, formally presented a “credit bid” that would see lenders inject at least $300 million of new capital into the live-performance company to eventually restart its shows. The offer, previously reported by Bloomberg, was accepted by a committee of Cirque’s board Tuesday night, the people said, asking not to be identified because the information is private.

J. C. Penney Company, Inc. (OTCMKTS: JCPNQ) today announced that it is aligning its workforce with its store optimization strategy and reduced store footprint. JCPenney has identified 152 store closures following a comprehensive evaluation of store performance and strategic fit for the Company and is having ongoing productive negotiations with landlords. Kirkland & Ellis LLP is serving as legal adviser, Lazard is serving as financial adviser, and AlixPartners LLP is serving as restructuring adviser to the Company.

Nasuni, a Boston, MA-based provider of cloud file storage solutions, secured $40 million in funding. This included an additional $25 million in new equity financing from family offices, venture capital firms and corporate venture arms, Goldman Sachs, Telstra Ventures, Northbridge Venture Partners and others, and a $15 million debt facility from Silicon Valley Bank.

Wunder Capital (“Wunder”), the nation’s leader in commercial and industrial solar financing, today announced it has partnered with funds managed by Ares Management Corporation’s Infrastructure and Power strategy (“AIP”), Cyrus Capital Partners (“Cyrus”), and Keyframe Capital (“Keyframe”) to provide financing for more than $100 million in commercial solar loans. The commitment represents a boost for the commercial solar market.

Over half the collection agencies surveyed not only thrived during the pandemic, but actually outperformed their pre-pandemic metrics in a nationwide survey conducted by Prodigal Technologies, Inc. Prodigal, a debt collection AI software company, surveyed accounts receivable management (ARM) agencies about the impact of the coronavirus pandemic on their collections operations. Collection agencies from 30 U.S. states participated in the survey.

Leading global professional services firm Alvarez & Marsal (A&M) has strengthened its Asia restructuring practice with the appointment of Edward Middleton as Managing Director based in Hong Kong. This appointment demonstrates A&M’s commitment to bolstering the firm’s growing capabilities in Asia.

Integer Holdings Corporation (“Integer”) (NYSE: ITGR) is pleased to announce that it has successfully completed an amendment to its senior secured credit facility as a precautionary step during the COVID-19 pandemic. Integer expects to maintain compliance with its covenant net leverage ratio and requested a covenant modification as a precautionary measure to provide additional cushion to allow for continued bolt-on M&A activity and protect against a prolonged pandemic.