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12mar

March 2012

Bankruptcy Issue
Vol. 10 No. 2
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FEATURES

Asset-Based Lending Hits Record High in 2011, Expectations of Normalized Issuance Levels in 2012 - Asset-based lenders began 2011 with roughly $30 billion of volume in each of the first two quarters and a record-worthy $24 billion in Q3/11. Amid heightened market volatility in Q4/11, fueled by fears around the euro-zone debt crisis, volume slowed to $18 billion in line with the broader leveraged loan market pullback in August and September.
ABF Journal, NYIC Approach the Bench… - For this year’s Bankruptcy Issue, ABF Journal and the New York Institute of Credit are pleased to present Judge Kevin J. Carey’s perspective on the shifting dynamics and new realities occurring in Chapter 11 process for middle-market companies.
Six Advantages of Financing With a Specialty Lender - In today’s very competitive environment every basis point counts, but middle-market companies must be careful not to fixate on a lender’s interest rate to the exclusion of all else. Interest rates matter and a lender must be competitive. But first and foremost, a company should consider the depth of a lender’s industry knowledge.
2012 CFO Outlook: A Survey of What Finance Chiefs Expect - Lower economic confidence and more concerns, but U.S. financial executives staying the course.
Amalgamated Capital Cultivates Relationship in Closing Financing for Klochko Equipment Rental - In any business, the quality of relationships forged can be the determining factor in getting a job done, and the asset-based financing industry is no exception. This was the case of Amalgamated Capital and Klochko Equipment Rental, where an open and honest relationship cultivated between the two companies proved key to originating the right financing to meet the Midwest-based company’s needs.

COMPANY/EXECUTIVE PROFILE

Salus Capital Partners – Industry Veteran Finds Innovative Approaches to Serve Many Constituents - ABL industry veteran Andrew Moser follows both his head and his heart. A self-described “24/7 kind of guy” has assembled a team under the Harbinger Group Inc. umbrella to bring innovative approaches to small- and middle-market borrowers, investors and lending partners.

FROM ALL FACETS

TURNAROUND CORNER

C-Level Executives Can Make the Difference - If you have an extraordinary innovation, opportunity or even a unique situation, an interim executive can help launch, grow or turnaround your venture by temporarily filling one or more key management roles in your company. Whether they serve as your interim chief executive officer (CEO), chief restructuring officer (CRO), chief operating officer (COO), chief financial officer (CFO), chief selling officer (CSO), chief manufacturing officer (CMO) or chief whichever officer (CXO), they can stand by your side as an experienced executive with a vested interest in your long-term success.

SPECIALTY LENDING SHOP

The 2012 Factoring Conference: A Diverse Program With Something for Everyone - Surf, sand, sun and subtle sophistication encapsulate what the city of Huntington Beach is all about. With 8.5 miles of pristine beaches, ideal weather, a welcoming attitude and a wide variety of entertainment options, Huntington Beach is the perfect destination for all. And, with 500 factors and other commercial finance professionals convening there, who could ask for more?

BANKRUPTCY UPDATE

SDNY Court Holds Fraudulent Conveyance Recovery Not Limited to Value of Creditor Claims, But Confirms Some Limits - In Tronox Inc. v. Anadarko Petroleum Corp., Chapter 11 debtor Tronox Inc. and its affiliates brought an adversary proceeding against Anadarko Petroleum Corp. and certain of its subsidiaries, alleging intentional or constructive fraudulent conveyance under 11 U.S.C. §548 or 11 U.S.C. §544(b). According to the complaint, the debtors undertook a multi-stage "spin-off " transaction in which valuable oil and gas assets were placed in a new corporate entity and thereby isolated from billions of dollars of environmental and tort liability. Five months later, Anadarko acquired the new corporate entity (and the oil and gas assets) for $18 billion, leaving Tronox allegedly insolvent, undercapitalized and with billions of dollars in liabilities.

LEGAL EYES

Delaware Bankruptcy Court Confirms Lenders in Multiple-Level Financing - Although borrowers in multiple-debtor cases may still attempt to exact leverage against their creditors under the Per-Plan Cases, courts in all jurisdictions should be reluctant to apply an analysis inconsistent with Jameson and Tribune in light of the easily distinguishing characteristics of each of the Per-Plan Cases. Dechert attorneys Michael Sage and Brian Greer note lenders should be prepared in circumstances when they are the only creditor whose vote could be solicited on a debtor’s plan of reorganization to act aggressively. Such lenders should consider, among other things, seeking the immediate dismissal of the debtor’s Chapter 11 case, relief from the automatic stay, and termination of the debtor’s exclusive period to file a Chapter 11 plan.

FINALCUT

FinalCut: The Slimming Down of GE Capital - ABF Journal illustrator Jerry Gonzalez offers a whimsical look at this popular news story from the ABFJ archive. And the timing couldn't be more perfect, as many of us are working up a sweat to shed a few unwanted pounds.

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