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.
The Great Atlantic & Pacific Tea Company (A&P) announced that it has filed a motion with the U.S. Bankruptcy Court for the Southern District of New York seeking approval to close 14 stores in four states as the company prepares to emerge from Chapter 11.
Friendly Ice Cream and its subsidiaries announced that the company has emerged from Chapter 11 by consummating the sale of its business to Friendly’s Ice Cream and its subsidiaries. The company said with the emergence it had to shutter another 37 restaurants.
Wells Fargo said the independent directors of its board appointed Stephen W. Sanger as lead director effective January 1, 2012. Sanger, who has served as a director since 2003, succeeds Philip J. Quigley, who served as the lead director since January 2009 and continues to serve as a director on Wells Fargo’s board.
Bloomberg reported that consumer borrowing in the U.S. surged in November by the most in ten years, showing households are optimistic enough to take on debt and banks are willing to lend.
Triangle Capital Access closed a $12 million credit facility for JNet Communications, a provider of construction, fulfillment and call center services to the telecom and cable industry. Coral Capital Solutions provided the financing.
GE Capital, Franchise Finance said it provided $11.9 million to BalRod Enterprises, a Wendy’s franchisee. The facility is being used to refinance existing debt and to purchase real estate.
Fitch Ratings published its first edition of the “High-Yield Retail Checkout,” a 300-plus-page report that provides a comprehensive analysis of the leveraged finance retail sector.
Phoenix Management Services has promoted Michael J. McCauley to senior managing director and shareholder. The company also promoted Mark Karbiner and Joseph Nappi to director from vice president and Patrick J. Hughes and Joe April to senior associate from associate.