TSL Express Daily Articles & News

Newpoint Advisors Corp., a national financial advisory firm focused on small companies, announced a senior staff member has become the first Trustee appointed to a case under Subchapter V of the Small Business Reorganization Act of 2019 (SBRA) that went into effect on February 19, 2020, Subchapter V Trustee Tim Stone, a Senior Managing Director at Newpoint, was named Trustee for the first case filed under the new law in the Middle District of Tennessee. Plans are expected to be finalized within 90 days of the filing.

National duo delay deal to the summer as leaders of newly merged Faegre Drinker praise staff for level of collaboration in face of crisis.

A top Senate Democrat is calling for federal financial regulators to shelve all their rulemaking projects that aren't directly related to the COVID-19 pandemic, saying their attentions right now need to be on protecting the financial system and mitigating economic fallout from the outbreak.

Business Capital structured and delivered an $8M secured asset-based credit facility for Nivagen Pharmaceuticals, a specialty company that develops and sells generic prescription drugs for the North American market. Nivagen is focused on building a sustainable portfolio of therapeutics, which treat a wide variety of ailments, and has launched over 15 generic products which are sold through multiple channels

As the coronavirus continues to spread, cybercriminals are using this public health crisis to spread phishing emails and create malicious domains for a variety of fraud -- targeting major companies and people working from home. Heinan Landa, CEO and Founder of Optimal Networks, a globally-ranked IT services firm, and author of The Modern Law Firm: How to Thrive in an Era of Rapid Technological Change can discuss online security and what you can do to protect yourself.

Citizens M&A Advisory announced today that it served as the exclusive financial advisor to DASCO Home Medical Equipment in its recapitalization by Silver Oak Service Partners. DASCO will continue to operate under the leadership of CEO Rachel Mazur and President Jason Seeley. Headquartered in Westerville, Ohio, DASCO is a leading regional distributor of durable medical equipment, specializing in respiratory equipment such as home oxygen, non-invasive ventilation and CPAP equipment for sleep apnea.

Citizens M&A Advisory served as the exclusive financial advisor to TopBloc, a Workday (NASDAQ: WDAY) services partner and provider of fixed-time, fixed-price Workday deployment services and on-demand Workday support, on its recapitalization by BV Investment Partners ("BV"), a Boston-based private equity firm focused on information and business services and communications industries.

The NFIB Research Center released the following data today on the impact Coronavirus has had on small businesses: The NFIB Research Center’s new survey on the current impact of the coronavirus outbreak on small business found that while most small businesses are not currently impacted, owners are concerned about future disruptions if the outbreak continues to escalate.

The Antares Bain Capital Complete Financing Solution (“ABCS”), a joint venture between Antares and Bain Capital Credit, today announced the closing of a senior secured unitranche credit facility to support the acquisition of G.S. Precision by AE Industrial Partners (“AEI”).

BNP Paribas acted as a sustainability coordinator for the facility. “Promoting biodiversity through finance is an essential lever in tackling the climate crisis. As a bank committed to innovation towards the transition, we are proud to support UPM in their strategy to accelerate sustainable forest management through finance. This transaction highlights the positive role of sustainable finance to link to progressive decarbonisation targets, which can jointly protect ecosystems,” says Marjo Liukkonen Lazaro, Head of BNP Paribas Finland.

TransAct® Technologies Incorporated (Nasdaq: TACT) (“TransAct” or “the Company”), a global leader in software-driven technology and printing solutions for high-growth markets, today entered into a new $10 million asset based revolving credit facility, replacing the Company’s existing $20 million credit facility.

AlixPartners, the global consulting firm, announced today that consumer products and digital expert Rob DeNardo has joined as a Managing Director in the firm’s worldwide consumer products practice. He will be based in AlixPartners’ Chicago office. Rob brings more than 20 years of strategy and operations experience, helping companies define transformations to deliver exceptional value and to enable competitive advantage and growth with proven results. In addition to North America, he has also worked extensively in Europe and Asia.

INTL FCStone Inc. (NASDAQ: INTL) today announced that the Fixed Income Division of its wholly owned subsidiary, INTL FCStone Financial Inc. (“the Company”), has hired Drew Doscher as Head of Distressed Debt Sales and Trading. Doscher will build INTL FCStone Financial’s distressed debt trading capabilities and lead the Company’s strategy for distressed loans and debt, private credit, private equity, trade claims and litigation stubs.

Prior to joining Allied, Smotherman was the Chief Operating Officer/Risk Management Lead of Power Funding, Ltd. where she oversaw the underwriting department and risk/credit management. Before then, she was the Corporate Manager at Swan Transportation Services, LLC for 11 years where she became a Transportation Intermediaries Association Certified Transportation Broker.

Mandalay Resources Corporation is pleased to announce that it has entered into a credit agreement with HSBC Bank Canada and Macquarie Bank Limited providing for (i) a senior secured revolving credit facility in an aggregate amount of up to US$25 million and (ii) a senior secured term credit facility in an aggregate amount of up to US$40 million. The Syndicated Facility amends and restates the Company’s existing bilateral US$40 million revolving credit facility with HSBC, which was scheduled to mature on July 24, 2020.

Huntington Business Credit announced it closed new $24,400,000 credit facilities with Chicago American Manufacturing, LLC on February 20, 2020. Proceeds of the facilities were used to refinance existing debt and provide ongoing working capital growth financing.

The total credit facility was comprised of a $15,000,000 revolving line of credit and a $4,000,000 equipment term loan. The proceeds were used to pay off the existing senior revolving and term loan lenders and provide additional working capital for growth purposes.

CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that it will continue its work on the New England Motor Freight, Inc. Chapter 11 case with Kevin Clancy, Global Director of the firm’s Restructuring and Dispute Resolution Practice, appointed as the Liquidating Trustee. Clancy’s appointment last month means that he and his team will oversee the wrap-up of New England Motor Freight’s case by monetizing the remaining assets and making distributions to trust beneficiaries.

DLA Piper has added a trio of partners from Winston & Strawn as the global firm looks to build out its private equity firepower in New York and internationally. James Kelly, Ilya Bubel, and Peter Alfano have joined DLA Piper in New York. Kelly and Bubel will be partners in the firm’s corporate practice while Alfano will be a partner in its finance practice.

Gemino Healthcare Finance provided a $3 million mortgage term loan and a $750,000 asset-based revolving line of credit for a skilled nursing facility based in the Midwest.