Drawing the Battle Lines: ABL Lenders and BDCs Engage in Tug-of-War Over Unitranche Loans

The simplicity and speed required to put together a unitranche facility has made it a popular option for borrowers and lenders. However, the façade of the split-lien solution is beginning to crack as first and second lien lenders find themselves in a tug of war over intangibles. Charlie Perer explores the ways lien fighting is imploding a once beautiful friendship.

Monetizing Intangible Assets in Insolvency: Protecting and Maximizing IA Value Before it Slips Away

Intangible assets (IA) can be a company’s most valuable property in insolvency. But unlike other collateral, these can include copyrights, source code, trademarks and domain names. Rapid changes in technology can lower the value of these assets before a sale is concluded. David Johnson, Joshua Pichinson and Martin Pichinson explain how to protect IA during a wind down and monetize the value before it slips away.

Interested in a Better Mousetrap? Arbitration: It’s About Time!

Jeffrey Wurst observes federal judges currently spend most of their time handling criminal and discrimination cases rather than commercial finance. As a result, the judges are not as knowledgeable about this area, and the cases take longer to resolve. Looking to build a better mousetrap, Wurst has hit on arbitration to resolve commercial disputes in a fair and timely manner.

Born out of Brexit: Analyzing Opportunities for Small Business Lending in Europe

Low interest rates and high levels of regulation are preventing the UK’s traditional banks from lending to small businesses. Andre Hakkak and Thomas Otte suggest this situation provides opportunities for alternative lenders to step in.

Improving the ABL Loan Participation Process Through Technology

Using technology to create a seamless experience for borrowers has become commonplace. Pat True explains how digital lending platforms make the loan syndication process more efficient and improve communications among participating ABL lenders.

Grassroots ABL: Regional Banking Execs Upbeat About Economy

Regional banks play an important role in today’s economy, offering personalized services to small and middle-market businesses. They also are expanding into the ABL market to serve those customers. ABF Journal contributor Lisa Miller spoke with ABL executives from four regional banks who shared their thoughts on the economy, the impact of technology and working with alternative lenders.

A True Force of Nature: Harvey S. Gross Wins NYIC Centennial Award

At the New York Institute of Credit’s 100th Anniversary Dinner, the organization will present its Centennial Award to its longtime executive director, Harvey Gross. A member for 53 years, Gross has been a major influence on the organization’s development. Linda McDonough, who interviews Gross and other NYIC members, notes Gross has volunteered his time for all these years while simultaneously managing a professional career.

April 2018

April 2018
Turnaround Management
Vol. 16, No. 3

Hercules Capital Acquires Gibraltar Business Capital

Hercules Capital purchased Gibraltar Business Capital to enter the ABL market. Cartoonist Jerry Gonzalez shares his take on this mythical matchup.

State Receivership: An Alternative to Bankruptcy

Filing for Chapter 11 protection can be an expensive procedure for borrowers and lenders. Keri Wintle discusses another option, state receivership, which can offer a more frugal avenue to achieve the same goal while offering all parties more privacy and greater flexibility.