Articles

White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC is pleased to acknowledge the success of its valued client, StoreBound, a developer and distributor of housewares designed for healthy living. The fast-growing company has been with White Oak since 2015 and recently signed an investment agreement with multinational domestic equipment conglomerate, Groupe SEB, which aims to reinforce its presence in the US housewares market.

The Women in Secured Finance e-newsletter's feature interview for this issue is with Melissa Mok, director of asset-based lending for Truist Securities. Mok joined Truist Securities in 2014.  Located in Texas, she is responsible for ABL originations of mid- and large-cap companies and is currently focused on the Financial Services, Energy and Industrial Services. TMT and TME industry verticals.

Sallyport is pleased to announce the provision of $7,000,000 in Accounts Receivable Finance to support a strategic acquisition in the entertainment services industry. Our new client, who successfully purchased the business - an existing Sallyport client, through an Article 9 Sale, chose us to ensure a seamless transition for existing debtors and customers. 

A trend towards superpriority debt exchanges that has begun appearing in out-of-court restructurings will continue to cause worry amongst minority debt holders and will likely result in continued litigation regarding the propriety of such exchanges. Examples of such troublesome exchanges began with an exchange conducted by Serta Simmons Bedding, LLC (“Serta”) and has continued with structurally similar transactions conducted by other companies, including Boardriders, Inc. (“Boardriders”) and TMK Hawk Parent, Corp. (“TriMark”).  

Tyler Layne and Lee Sands, attorneys at Waller Law cover three recent out-of-court debt transactions that have introduced a novel way for majority lenders and borrowers to improve their position at the detriment of the non-participating/minority lenders.

Otterbourg P.C. announced today that James M. Cretella has been named Chair of the firm’s Alternative and Specialty Finance Practice Group.

“His leadership qualities are equally impressive, and we are pleased that he will chair this expanding practice area.”

A member of the firm’s Finance Department, Mr. Cretella represents lenders, factoring companies and prominent financial institutions, as well as borrowers, in a variety of lending, factoring and corporate transactions.

In March, Otterbourg P.C. announced that James M. Cretella was named Chair of the firm’s Alternative and Specialty Finance Practice Group. A member of the firm’s Finance Department, Cretella represents lenders, factoring companies and other finance companies, as well as borrowers, in a variety of transactions.

Cretella has practiced at Otterbourg for his entire career and his experience encompasses financial transactions across a broad range of industries, including staffing, technology, transportation, oil and gas, and government contracting. His areas of focus include asset-based lending, supply chain finance, trade finance and specialty finance. He often acts as “outside in-house counsel” to finance companies and specialty lenders.

Cretella is a 2016 winner of the Secured Finance Network’s 40 Under 40 Awards.

Here he discusses his role and how the industry has evolved since he started.

Citizens announced today that it is lead left arranger of a $125 million asset-based loan for Virginia Beach, VA-based Franchise Group, Inc. (Nasdaq: FRG).

Franchise Group is an operator of franchised and franchisable businesses that continually looks to grow its portfolio of brands while utilizing its operating and capital allocation philosophy to generate strong cash flow for its shareholders.  This transaction refinances an existing ABL for two of its businesses – American Freight and Buddy’s Home Furnishings.

An Inventory and Purchase Order Lending Platform Targeting $500K to $10MM Opportunities

Black Olive Capital LLC (“Black Olive”) announced today the launch of its intelligent inventory and purchase order lending platform. Black Olive’s mission is to provide fast and easy inventory and purchase order financing to underserved small-to-medium sized businesses (SMBs) to help them unlock capital to grow and create jobs. Its financing solutions work for businesses nationwide, and in most industries.

LSQ, a leading provider of working capital finance and payments solutions, recently expanded its relationship with Wilson Creek Energy by originating a $15 million credit facility for the Pennsylvania-based metallurgical coal producer.

The company will use the additional capital to expand their operations and take on new clients.

As part of the solution, LSQ will also provide Wilson Creek with comprehensive accounts receivable and credit management to help better manage repayment risk and monitor customer health.

Richard Hawkins, Georgia Quenby and John Alderton provide an overview of the potential impacts of the New Moratorium and consider actions that Secured Lenders may wish to consider in preparation.

(Editor’s Note: SFNet will be hosting a Webinar on UK Insolvency Reform: What Secured Lenders Need to Know, which will include the authors and other experts on June 10 at 11 AM ET.)