Articles

Jeffery Wacker, head of U.S. Asset Based Lending Originations, TD Bank, with contributed insights from Elizabeth Rust, Senior Economist, Keybridge in Washington D.C. and David Chmiel, Managing Director, Global Torchlight Limited from London, U.K.

good natured Products Inc. (the "Company" or "good natured®") (TSXV: GDNP) (OTCQX: GDNPF), a North American leader in plant-based products, today announced it has completed a senior secured revolving credit facility (the "Senior Credit Facility") with Wells Fargo Bank, N.A. ("Wells Fargo"), through its wholly owned subsidiary Wells Fargo Capital Finance Corporation Canada, consisting of a USD $30 million asset-based revolving credit facility with a 4-year term and an uncommitted USD $25 million revolving facility, available at the discretion of Wells Fargo. In addition, the Company has closed a CAD $6.6 million financing (the "Mortgage Refinancing") with Business Development Bank of Canada ("BDC").

The rate of default and workouts for loans with IP assets as collateral has reached a crescendo. We examine the near-term implications for workouts and liquidations where IP assets are expected to provide a meaningful source of lender recovery, and the longer- term implications for commercial lending to retail and consumer brand companies.

When first submitted for publication in February, this article predicted a recession of unknown origin. COVID-19 answered the question in March.  While we don’t know how long the current health and economic crises will last, we know they are here, and that a meaningful number of lawyers and businesspeople have not encountered a widespread economic downturn. 

Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) (“Heritage Global,” “HGI” or “the Company”), a diversified financial services company providing asset-based acquisition, disposition, valuation, and lending services, today announced the launch of Heritage Global Capital, a new platform to provide specialty financing solutions to small- and medium-sized investors in charged-off and nonperforming asset portfolios and other asset-based classes.

MUFG Union Bank today announced that Rob Swanson has joined as Managing Director, Northern California Market President. Based in the Bay Area, Swanson reports to Bita Ardalan, Head of Commercial Banking for Union Bank.

In his role, Swanson will lead the strategy and management of the bank's middle market activities in Northern California and the Central Valley. He will oversee a high-caliber team of professionals providing advisory services and solutions specifically tailored to the unique business objectives of corporate clients across industries, as well as spearhead the Technology and Venture Banking industry verticals within the Commercial Bank.

Wingspire Capital Holdings (“Wingspire”) today announced that it has provided a $36.5 million senior secured loan to R.W. Sidley (“RWS”). Loan proceeds were used to refinance its existing bank facility, while providing a more patient and flexible capital structure to help management achieve its strategic growth initiatives.

Retail has taken a huge hit from COVID-19. What sectors are expected to survive, even thrive? What areas are likely to be hardest hit as the pandemic continues?

Much has been written about the significant impact of the COVID-19 pandemic on the retail sector, as policymakers encourage consumers to wear masks and remain vigilant when leaving home, e-commerce sales have soared, and supply chain concerns persist. Retailers have been challenged to maintain operations and attract current “homebody” consumers, more than 68 percent of whom planned to continue their at home habits after restrictions were lifted, according to a study by management consulting firm McKinsey & Company.¹

Gordon Brothers, the global advisory, restructuring and investment firm, has named Tobias Nanda as President of Brands.

Based in Boston, Nanda is responsible for developing and executing Gordon Brothers’ brand investment strategies through acquisition and lending in all global markets. He has nearly 20 years of experience leading deals, serving on boards of directors and actively working with management teams in private equity to develop and implement their corporate growth strategies.