Hostess Brands and its five subsidiaries have filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York. The company said that it has received a commitment for $75 million in DIP financing from a group of its existing first lien lenders, led by Silver Point Capital.
Monroe Capital funded a $21 million junior term loan and equity investment in partnership with Benton-Georgia’s senior lender, Wells Fargo, which provided a $30 million asset-based lending facility to support the acquisition of the company by Dale LeFebvre.
The Craft & Hobby Association board of directors announced the appointment of Andrej Suskavcevic as the new president and chief executive officer. Until recently, Suskavcevic served as the president of the Commercial Finance Association.
The Pittsburgh Post-Gazette reported that Jonathan E. Podlucky, former COO of Le-Nature’s, and Donald K. Pollinger, a businessman who aided in the juice company’s financial fraud, were each sentenced to five years in prison.
TAB Bank said it added Mark J. Simshauser to the Business Development team as vice president and business development officer based in Long Island, NY. He previously was with Webster Business Credit and HSBC Business Credit.
Capital One Bank appointed Larry Cannariato as vice president of Capital One Leverage Finance in the Southwest region. Previously, he served as a credit specialist for Farm Credit Administration and held positions at Wells Fargo, JPMorgan, BofA Business Credit and GE Capital.