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September 2014

ABL Borrowers' Issue
Vol. 12 No. 6
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Choosing the Right Loan Structure — In a Borrower’s Market - Wells Fargo Capital Finance’s Barry Bobrow writes to the CFO to explain the benefits of stepping outside the traditional loan structure and into an asset-based facility. Using some case studies as an example, Bobrow is able to highlight why choosing an ABL structure better fits the needs of certain borrowers in an ever evolving market.
Seizing a Global Opportunity — Unlocking the International Demand for Credit - As U.S. companies continue expanding their offerings globally, asset-based lenders that successfully work with exporters, their customers and export credit insurers will open the door to tremendous growth opportunities.
The CFO in a Turnaround: Strategies for Trouble on the Horizon - Ken Naglewski, principal of The 180 Consulting Group and partner in Seabiscuit Partners, imparts wisdom to CFOs on recognizing signs of trouble and steps to take in dealing with lenders when a turnaround is imminent.
Leading Organizations Through ‘Big Change’ - When an organization undergoes transformational change, it is imperative for leaders to implement simultaneous business and communications strategies to ensure employees embrace the new business landscape. Bob Domenz, founder and CEO of Avenue Marketing, discusses strategies to avoid “organizational swirl” and achieve a successful transition.
Growing Confidence Levels: Lenders Encouraged by Strengthening Economy - The Phoenix Management Q2/13 “Lending Climate in America” survey revealed waning lender optimism; however, sentiment has taken a more positive turn over the last 12 months. The Q2/14 survey indicates that despite a few signs of caution, lenders are increasingly optimistic about the U.S. economy and commercial lending on a near-term and long-term basis.
Cross-Border, Asset-Based Loans: Transforming Challenges Into Opportunities - As more small and middle market domestic companies venture into foreign countries to capitalize on overseas opportunities, lenders must educate themselves on jurisdictional laws to successfully engage in cross-border, asset-based loans.


From the Ground Up — Eastern Bank Calls on Barnhard to Launch ABL Group - Eastern Bank’s recent growth has led to its launch of an asset-based lending unit, headed by Robert Barnhard as team leader. Drawing upon experience gained at RBS Citizens, LaSalle Bank, IBJ Schroder and Gordon Brothers Finance, Barnhard has just the level of expertise the bank needs to become a go-to asset-based lender.



Moving Companies Forward Into the New Normal - In a Q&A with ABF Journal, Jack Butler of Hilco Global provides insight into the state of the restructuring industry in the current economic and political environment and what he sees down the road for capital markets, corporate restructuring and Bankruptcy Code reform.


Debt Buyers — Shrinking Opportunities Amid Regulatory Reform - As the pool of available credit portfolios has shrunk, many debt buyers have failed to diversify into other types of credit. Michael Flock notes that specialty lenders need to develop new solutions for a wider variety of portfolio asset classes amid increasing regulatory challenges that are changing the playing field.


Eighth Circuit Rules on Case of First Impression In Three-Party Preferential Transfer Dispute - Lesley Anne Hawes offers insight into Bankruptcy Code preference provisions. Using underpinnings of the Eighth Circuit’s recent decision in the case In re LGI Energy Solutions, Inc., she details the exceptions and defenses to preference recovery, noting that the analysis and rationale of the statute must be applied in a manner consistent with the policies and purposes it was intended to promote.


FinalCut: Love Culture Files Chapter 11; Owes Salus Capital $13.7MM - ABF Journal illustrator Jerry Gonzalez provides his take on the recent bankruptcy filing of Love Culture, a women’s retail chain that owes Salus Capital Partners $13.7 million under a pre-petition credit agreement. Salus will serve as administrative and collateral agent for a lender group for the pending $12 million DIP financing.

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