Archives for August 2012

Gateway Commercial Finance Receives Inc. Recognition

Factoring company Gateway Commercial Finance announced it was ranked #157 in financial services on the 2012 list of Inc. magazine’s 500/5000 fastest-growing privately held companies in the U.S.

Fitch Ups Outlook on Three Classes of NewStar Notes

Fitch Ratings said it has affirmed six classes of notes issued by NewStar Commercial Loan Trust 2007-1 and revised the ratings outlooks on three classes from negative to stable.

Pinnacle Medical Gets Growth Capital From Meritus

Pinnacle Medical Solutions has received a substantial equity investment in a financing round led by Meritus Ventures, a rural business investment company.

Carriage Services Closes Credit Facility With BofA, Others

Carriage Services has closed its previously announced commitment with Bank of America as administrative agent and Merrill Lynch as sole lead arranger and sole book manager for a senior secured credit facility. Raymond James Bank, Regions Bank and Amegy Bank all served as co-syndication agents.

Bloomberg: Sun Capital Completes Acquisition of Pemco World Air

The U.S. Bankruptcy Court in the District of Delaware approved the sale of Pemco World Air Services to its secured lender Sun Capital Partners. The sale was approved on August 9 and completed on August 24, a Bloomberg article said.

Dewey Asks Court to Approve $70 Million ‘Clawback’ Plan

The Wall Street Journal reported that failed law firm Dewey & LeBoeuf has asked a judge to greenlight a $70 million “clawback” settlement with former partners who received $432 million in payments in 2011 and 2012.

Oxford Finance Leads $30 Million Term Loan to Peregrine

Peregrine Pharmaceuticals said it has secured a $30 million term loan from Oxford Finance, which was the lead lender, MidCap Financial and Silicon Valley Bank.

WFCF Retail Finance Arranges $1.65B Facility for SUPERVALU

Wells Fargo Capital Finance announced its Retail Finance team underwrote, together with the other arrangers, a $1.65 billion senior secured, asset-based revolving credit facility for U.S. grocery chain SUPERVALU.

ABF Journal Office to Close in Observance of Labor Day

The ABF Journal and office will be closed on Monday, September 3 in observance of Labor Day. We will return on Tuesday, September 4 to bring you our coverage of the commercial finance industry.

Court Confirms Syms, Filene’s Basement Joint Chapter 11 Plan

The U.S. Bankruptcy Court for the District of Delaware has confirmed the modified second amended joint Chapter 11 Plan of Reorganization of Syms Corp. and its subsidiaries.