Treading Water — The New Normal for Top-Line Growth … Or Surviving the Challenges of a Persistent Low-Growth Environment

The U.S. economy has an important adjustment to make. Heading into the second half of 2011, it is essentially treading water. Four years after the first rumblings of the credit crisis, middle-market companies and their lenders are facing the fact that the United States will not be escaping this economic malaise any time soon.

Leveling the Playing Field: Seventh Circuit Rejects Philadelphia Newspapers; Upholds Secured Lender Credit Bid Rights in Cram Down Plans

During the last bankruptcy boomlet of 2008-09, many borrowers found themselves faced with lending groups led by aggressive, non-traditional lenders that used the an event of default as an opportunity to force an acquisition of their business. As such, borrowers used the protections of the Bankruptcy Code to try to stave off what they viewed as opportunistic takeover attempts by their lenders. At the center of many of these cases lies the lenders’ right to credit bid. Here we look at two such cases.

Retailers Will be Disappointed with 2011 Sales — Big Picture Pressures the 4% Forecast

The National Retail Federation optimistically forecasted a 4% increase in sales for 2011, which would be the largest gain in five years. Are you willing to bet your company on it this holiday season? CRG Partners’ Gary Lembo doesn’t think that’s a good idea.

To Improve or Not to Improve? Pre-Disposition Preparation and Processing of Collateral

What constitutes commercial reasonableness in preparing and processing collateral for disposition is not expressly set forth in the Uniform Commercial Code. A general rule of thumb has developed under UCC lore: the secured creditor about to dispose of a car on default should wash the car, but probably should not overhaul its engine. This crude example is clear enough, but in between the two extremes of washing a car and overhauling its engine lies an immense middle ground.

In the Midst of Change… TMA’s Executive Director Offers Some Parting Thoughts

Last spring, Linda Delgadillo, executive director at the Turnaround Management Association announced her intention to retire at the end of this year. We asked Delgadillo to look back at her remarkable 11 years with the association and speculate on the direction it may take in the coming year.

FTI’s New Co-Leaders of Corporate Finance & Restructuring: For a Couple of ‘Client Service Guys’ Optimism and Opportunity Abound

This summer, ABF Journal readers learned that Robert (Bob) Duffy and Kevin Lavin had been appointed to co-lead FTI’s Corporate Finance/Restructuring practice thereby joining the executive committee comprised of practice leaders of the firm’s five key business segments. While many would fret at what lies ahead in this relatively slow period for traditional restructurings, these self-admitted “client service guys” only see advantages and opportunities.

CFA Annual Convention: Connect, Grow & Succeed

For the first time in over 20 years, the Commercial Finance Association’s Annual Convention will be held in New York City. The convention will take place November 16-18, 2011, at the New York Marriott Marquis. CFA’s annual convention is the largest gathering of asset-based lending and factoring professionals and offers unparalleled networking and educational opportunities. The event attracts professionals from around the world involved with asset-based lending, factoring, appraisals/auctions/liquidations, turnaround management and commercial finance law to collaborate on issues in commercial lending.

Anatomy of a Turnaround — Managing Expectations and Achieving Results

There are numerous times during the course of a restructuring and financing that the situation can turn for the worse. Providing assurances and guidance to all parties involved will assist in a successful outcome even in the worst circumstances. Advising clients, lenders, customers and vendors is equally important in gaining common ground and resolution for a successful restructuring and financing.

September 2011

September 2011
ABL Borrowers’ Issue
Vol. 9 No. 6

What Every Finance Professional and CFO Needs to Know Now and Into 2012

Now that we have all lived through the credit crisis and are still around to talk about it, where do we go from here? What do finance professionals and CFOs need to know in order to navigate the U.S. financing and capital markets now and in 2012? Monroe Capital’s Ted Koenig addresses three important areas of concern going forward.