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13mar

March 2013

Annual Bankruptcy Issue
Vol. 11 No. 2
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FEATURES

While Hostess Crumbles, Twinkies Will Survive - Although the demise of Hostess has been well publicized, veteran turnaround advisor Ted Gavin examines the chain of events that led up to what he says could be labeled "the most mutually destructive collective bargaining agreement negotiation in crème-filled history."
That Sinking Feeling — Lessons Gleaned From Recent Maritime Bankruptcies - Bankruptcies of major shipping companies over the last few years have furnished guidelines for conducting a successful reorganization and restructuring. Blank Rome’s Stephen T. Whelan and Marc E. Richards identify a few pitfalls and positive lessons to be gleaned from these recent cases.
Mid-Size Companies Anticipate Growth in 2013 - With revenue growth among middle-market companies picking up by the end of 2012, according to a recent survey by The National Center for the Middle Market, Tom Quindlen, president and CEO of GE Capital, Corporate Finance, explains that the sector finally might be turning a corner and preparing for better days.
A View From the Bench… U.S. Bankruptcy Judge Shares His Perspectives on the Post-Crisis Environment - In an exclusive Q&A with ABF Journal publisher Jerry Parrotto and New York Institute of Credit managing director Harvey S. Gross, U.S. Bankruptcy Judge Michael B. Kaplan shares his thoughts on corporate restructuring in the post-credit crisis environment.

COMPANY/EXECUTIVE PROFILE

Hitachi Capital America Sharpens Its Focus on New Markets - In October, Hitachi Capital America established Hitachi Capital Canada. Before 2012 came to a close, the company acquired Hennessey Capital. In early 2013, Hitachi announced that Hennessey would offer equipment financing. ABFJ catches up with William H. Besgen, president and COO of Hitachi Capital America, Thomas Cross, general manager of Hitachi Capital’s Trade Finance Division, and Michael Semanco, president and COO of the Hennessey Capital Division, to learn more about these strategic moves.

FROM ALL FACETS

TURNAROUND CORNER

No-Holds-Barred Assessment — The Foundation of Corporate Turnarounds - Accepting the reality of a corporate crisis can be significantly painful. However, as Phoenix Management's Jim Fleet and Bob Gowens point out, options for help are available — and if a distressed company is willing to face the real truth behind its underperformance, it can reverse the downward spiral and return to strength.

SPECIALTY LENDING
RECENT HEADLINES, NOTABLE TRANSACTIONS & ADVICE

2013 Factoring Conference: An Unforgettable Journey - The 2013 IFA Conference attracts factoring professionals from all over the world to network, learn about new trends, connect with exhibitors and share best practices — and to have some fun. Whether taking advantage of all the event has to offer or enjoying the amenities of Miami Beach, this year's conference will be an unforgettable journey.

BANKRUPTCY UPDATE

Is Chapter 11 Still a Viable Option? - Companies emerging from Chapter 11 as reorganized debtors as we used to know them have become rare. Attorney Jeffrey Wurst explains that middle-market companies generally cannot afford or withstand the high cost of a Chapter 11 in today's environment and notes that alternatives will become even more popular.

LEGAL EYES

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.

FINAL CUT

FinalCut: Wells Fargo Provides ABL to Support SUPERVALU Cerberus Deal - ABF Journal illustrator Jerry Gonzalez shares his depiction of SUPERVALU’s deal to sell some of its grocery store chains to Cerberus Capital and its related $900 million facility led by Wells Fargo.

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