Lender Amnesia or Healthy Competition? ABL in the Post-Downturn Era

Is there presently a trend of soft pricing and loose structure in the ABL marketplace? Or is post-recession competition a reflection of normal supply and demand in the current the economic cycle? Howard Brod Brownstein asks 14 leaders of institutions ranging from ABL giants to smaller, non-regulated players to share their candid observations about ABL pricing and structure for the balance of 2012 and 2013.

SENIOR LOAN OFFICER SURVEY: Large/Mid-Market C&I Demand Strengthens Amid Waning European Bank Competition

In July 2012, the Federal Reserve Board conducted a Senior Loan Officer Survey on bank lending practices over the previous three months. The majority of lenders from 64 banks — 36 large banks and 28 smaller banks — reported loan demand from large and middle-market firms strengthened “somewhat further” with some noting business had increased due to decreased competition from European banks.

The Factoring Factor: Product Resiliency, Demand & Unique Camaraderie Keeps Factoring Strong in Challenging Times

While the past year has been a challenging one for anyone involved in commercial finance, one of the few niches that has remained solid in 2012 is factoring. IFA founder and CEO, Bert Goldberg shares his views on the industry — past, present and future — and talks about the role the IFA will play in facilitating factoring’s future global growth.

Back to the Future: Opportunities Are Ripe for Second Lien Lenders in 2013

An upswing in competition for high-quality transaction opportunities this year led to increasing demand for yield as banks and high-yield bond investors were more aggressive in extending capital to large borrowers. Gordon Brothers’ Patrick Dalton says that in 2013, second lien lenders that understand downside risk and continue their sharp credit skills will find areas of opportunity.

Looking Back to Move Forward: The Syndicated Loan Market — Yesterday and Today

In an effort to provide an end-of-the-year update on the syndicated loan market, Trimingham’s Hugh Larrett-Smith discusses the sector both here and abroad with leading lenders. He also offers an historical perspective detailing the success of Bernard Baruch and how syndicated loans have thrived throughout the centuries.

When Law Firms Go Bankrupt — What Secured Lenders Can Learn From the Dewey Bankruptcy

When law firm Dewey & LeBoeuf filed for Chapter 11 protection, it was obligated to its secured creditors, among many others, led by JP Morgan on a $75 million line of credit facility. Jeffrey Wurst explains what led to Dewey’s collapse and offers advice regarding key indicators of a potential creditor’s fiscal irresponsibility.

October 2012

October 2012
Turnaround Management
Vol. 10 No. 7

Lender Amnesia or Healthy Competition? ABL in the Post-Downturn Era

Is there presently a trend of soft pricing and loose structure in the ABL marketplace? Or is post-recession competition a reflection of normal supply and demand in the current the economic cycle? Howard Brod Brownstein asks 14 leaders of institutions ranging from ABL giants to smaller, non-regulated players to share their candid observations about ABL pricing and structure for the balance of 2012 and 2013.

FinalCut: Hedge Funds Have $74B as Europe Fire Sale Delayed

ABF Journal illustrator Jerry Gonzalez shows that hedge funds and private equity firms have amassed $74 billion to invest in distressed debt in anticipation that Europe’s sovereign-debt crisis will push banks into the biggest fire sale in history. The problem is, few are selling.

When Restructuring Reveals Fraud… MainStream Management Uncovers Ponzi Scheme

When MainStream Management’s Jim Burritt and his colleagues entered GLC Limited’s warehouse, they were stunned to find a rodent-infested mish-mash of food items, chipped pottery and clothing, instead of the appliances they expected. After investigating GLC Limited’s business practices and inventory, MainStream ultimately revealed a Ponzi scheme that had bilked investors out of millions of dollars.