Fifth Street’s Q2 2015 Capital Markets Outlook

While U.S. middle market loan volume registered a slight uptick this quarter, the market has yet to approach levels seen one year ago. Although sponsored issuance gathered momentum in 2Q, increasing modestly to $11.9 billion, issuance for the first six months only reached $22 billion—the weakest first half in five years

Hostess Case — Bankruptcy Court Refuses to Send Cash Collateral Dispute to Arbitration

U.S. Bankruptcy Court Judge Robert Drain’s decision in the Hostess case demonstrates that even if a dispute between a debtor and a third party is arguably subject to a pre-petition arbitration clause, that dispute may not be subject to arbitration if it is considered a “substantially” core aspect of the bankruptcy process.

Asset-Based Lending: The Good, The Bad & The Ugly

In analyzing the asset-based lending market at the dawn of a new year, David Gaito, SVP and regional sales manager of PNC Business Credit, notes three significant factors: 2012 was not as bad as advertised, a supply/demand imbalance remains and ABL potential in 2013 is mixed. Prudence, he notes, will be key to short- and long-term success.

Wipfli Launches Turnaround & Restructuring Practice

Responding to what Wipfli managing partner Rick Dreher calls lingering concerns facing many businesses in the slow economic recovery, the CPA and consulting firm has launched a turnaround and restructuring practice under the leadership of Jeff Baker and David Steichen. Baker, who heads the practice, spent the majority of his career as a partner at PricewaterhouseCoopers, where he completed dozens of transactions in more than 20 countries. Steichen most recently served as principal of Manchester Companies, a Midwestern turnaround advisory firm. The ABF Journal catches up with Baker to discuss the new practice.

The Great EBITDA Myth

By Ted Gavin, Managing Director, Founding Partner, Gavin/Solmonese LLC You’re a financial professional looking to reassure your company’s creditors of the soundness of your company’s financial footing. To do so, you need to act with determination to show that your interests in the creditor’s products or services are aligned with the creditors’ interests in getting […]

United States: Unsuccessful Successors? Limits on Bankruptcy Sales ‘Free And Clear’ of Successor Liability

By Andrew N. Goldman, George W. Shuster, John D. Sigel and Meg M. Feist, WilmerHale Overview While many bankruptcy sale orders contain provisions purporting to absolve the purchaser of “successor liability” claims related to the purchased assets or business, a recent case from the U.S. Bankruptcy Court for the Southern District of New York is […]

Enterprise Risk Management — Making It Count!

By Carolyn Rosenberg, Senior Partner, Insurance Recovery Group, Reed Smith and Carl Krasik, Chief Legal Officer, Reed Smith Enterprise Risk Management (ERM) sounds great in theory, but what does it really mean in practice? As organizations embark on this process, consider these questions: 1.) What do we mean by Enterprise Risk Management? To some, Enterprise […]

Improved Returns: The Benefits of a 363 Sale for Secured Creditors

By Michael P. Grau and Juanita Schwartzkopf, Focus Management Group The idea of relying on a 363 sale as a means of asset recovery can be a daunting prospect to a secured lender. What if no bidders attend? What if the stalking-horse bid is the only bid? What if the debt is not covered by […]

Sunshine is the Best Disinfectant — A Financial Advisory Update

By Jeffrey Rothschild and Ling Kong Since December 2010, the Delaware Court of Chancery has emphasized in at least four cases the need for additional disclosures relating to financial advisors in merger and acquisition (M&A) transactions. The court has focused on increasing the breadth, depth and specificity of disclosures regarding any potential conflicts the financial […]

Are Contact Lists Still Trade Secrets in the Age of Social Networking Sites?

By Mark Klapow, Robert Abrams, Gregory Baker and Alan Grimaldi Recently, a United States District Judge in New York approved the report and recommendation of a Magistrate Judge holding that a headhunter’s contact lists were not protectable trade secrets because the information therein was readily ascertainable on social networking sites. See Sasqua Group, Inc. et […]