TSL Express Daily Articles & News

Merv Merzoug Joins as Director in New York City; Elizabeth Knapp Joins as Executive Assistant to Boston Office Leader Tom Lynch.

Allied Affiliated Funding, a division of Axiom Bank, N.A. is pleased to announce the following recently closed transactions: $600,000 in receivables financing to a Texas-based company specializing in the recycle, repair, and resale of previously used electronics to wholesale and e-commerce customers and $1,500,000 in receivables financing to a Texas-based company providing inspection services for pipeline/rigs and consulting and training services to the oil and gas industry. .

The largest U.S. largest movie theater chain, whose cinema houses have been shuttered nationwide since mid-March because of the coronavirus epidemic, is in talks to hire law firm Weil Gotshal & Manges to explore a potential Chapter 11 filing, The Post has learned. Weil Gotshal’s team is headed up by lawyer Ray Schrock, who lately has worked as bankruptcy counsel to California utility PG&E, the Fairway supermarket chain, and retail icon Sears Holdings, many of whose stores got taken over by billionaire Eddie Lampert.

West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") announced today that it has obtained from a syndicate of lenders an additional $150 million committed revolving credit facility. This committed facility has a term of two years and is made available on substantially the same terms and conditions as the Company's existing syndicated revolving credit facility from certain lenders that are part of that syndicate. The facility can be used for general corporate purposes.

Morgado brings over 25 years of commercial and agricultural banking experience to Oak Valley. In his role, he will be responsible for business development and relationship management in the greater Sacramento area.

Pace Industries, LLC ("the Company") today announced that it has reached an agreement with its senior secured lenders on the terms of a comprehensive financial restructuring plan, which will deleverage the Company's balance sheet. This agreement has support from 100% of the holders of its senior secured notes as well as its revolving credit facility lenders.

Sullivan & Cromwell LLP is serving as legal advisor, Evercore Group L.L.C. is serving as financial advisor and AlixPartners, LLP is serving as restructuring advisor to the Company.

An onslaught of bankruptcy filings expected in the wake of the COVID-19 outbreak is forcing restructuring professionals to engineer creative solutions to protect their clients’ value as they ask courts to be flexible when administering cases in these turbulent economic times. While no standard protocol has yet been adopted, the recently altered landscape includes efforts by new debtors to in effect mothball their estates pending the end of the COVID-19 crisis, and bankruptcy judges have been amenable to such requests.

Crestmark secured a total of $13,900,000 in ABL financial solutions for eight new clients; Crestmark Equipment Finance provided $3,654,190 in five new lease transactions; Crestmark Vendor Finance provided $5,048,790 in 63 new lease transactions; and the Government Guaranteed Lending Division provided $1,420,000 in financing for one new client in the second half of March.

Financial assistance to vulnerable households and businesses will mitigate the economic and employment shock but will not prevent a severe downturn. Support to large companies will limit credit deterioration for certain issuers.

Access Capital is pleased to share news of its latest transaction with its client, Premier Healthcare Professionals. Premier Healthcare Professionals (“Premier Healthcare”) is a provider of travel nurses and locum tenens doctors to hospitals and medical centers nationwide. Access Capital, which provides Premier Healthcare with a senior credit facility, funded a new term loan to Premier Healthcare for the purpose of acquiring another provider of travel nurses.

Briar Capital Real Estate Fund ("BCREF") (www.BriarCapital.com) is pleased to announce the closing of its largest loan to date, a $14MM real estate term loan for a pipeline service provider to the midstream oil & gas industry located in Houston, TX.

H&M is bulking up its liquidity buffer as the coronavirus continues to batter fashion players across the board. In a statement, the fast-fashion retailer announced it had secured a 980 million-euro, or nearly $1.1 billion, revolving credit facility to help cushion its business amid the pandemic, which has sickened more than 1.49 million people around the world and killed at least 87,400.

Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that certain of the company’s revolving credit lenders agreed to provide an incremental $131 million of revolving credit commitments to its senior secured revolving credit facility, increasing the facility from $350 million to $481 million.1

Just what can movie seats teach us about the economic impact of a health pandemic? Consider the Chapter 11 bankruptcy of VIP Cinemas Holdings, a multinational and the world’s largest manufacturer of luxury recliner seating for movie theaters.

TAB Bank is pleased to announce it has provided a $8 million asset-based revolving credit facility for an outdoor products company based in Utah. The new facility is extended through a multi-year agreement and will provide for the company’s ongoing working capital needs.

In light of the ongoing coronavirus pandemonium, AT&T Inc. T announced yesterday that it has secured a $5.5-billion term loan at competitive rates with 12 banks for additional financial flexibility to an already strong cash position. The company’s shares have moved up 2.2% in the last trading session. The Dallas, TX-based wireless carrier, which had almost $12 billion in cash in hand at the end of 2019, stated that the loans are pre-payable without penalty.

Lassila & Tikanoja plc has signed a new revolving credit facility of EUR 30 million. The revolving credit facility will mature in the second quarter of 2022. The agreement includes a one-year extension option. The agreement was signed with Danske Bank.

Apex Parks Group, LLC ("Apex" or "Company"), today announced that it is pursuing a comprehensive financial restructuring aimed at reducing the Company's current debt and, ultimately, enhancing operations to continue to serve guests and communities for years to come. As part of this process, Apex expects to enter into a stalking horse purchase agreement ("Agreement") with the Company's prepetition secured lenders ("Lenders") to sell substantially all of the Company's assets and operations and has filed for Chapter 11 of the United States Bankruptcy Code in the District of Delaware to facilitate the sale. The Lenders will also provide financing to support the Company during the restructuring.

Heartland was advised by D.A. Davidson & Co., as financial advisor, and Hunton Andrews Kurth LLP, as legal counsel. Victory was advised by Boenning & Scattergood, Inc., as financial advisor, and Dinsmore & Shohl LLP, as legal counsel.