News

On Wednesday, the Federal Reserve announced that it will raise the target range for the federal funds rate to between 5.25% and 5.5%, marking a quarter point increase and its fourth such move of 2023 following a pause in June.

AlixPartners released the findings of its 18th annual Turnaround and Transformation Survey, which revealed that the world’s turnaround executives expect a prolonged and intensifying period of restructuring on the horizon.

A new survey from Grant Thornton revealed that CFO are focused on two areas that could lead to revenue gains: building and preserving their workforces and investing in technology that delivers efficiency and revenue gains.

The Ontario Superior Court of Justice granted an order for Canadian cannabis company Aleafia Health to restructure its business. In connection with the order, Aleafia executed a term sheet for debtor-in-possession financing with Red White & Bloom Brands.

AppHarvest filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. The company also obtained a commitment from Equilibrium for $30 million in debtor-in-possession financing.

CVC Credit, the $41 billion global credit management business of CVC, priced Apidos XLVI (46) a $504 million collateralized loan obligation (CLO). Societe Generale acted as lead arranger.

Jefferies Credit Partners, a private credit manager and the asset management arm of Jefferies Finance, intends to launch a private placement of a business development company to enhance its lending capacity in the private credit space.

Hilco Real Estate Finance, an institutionally-backed real estate bridge lender, launched to provide short-term property finance for the UK market. The group will be led by co-founders Brad Altberger as CEO and Max Lewis as chief investment officer.

Medical dermatology company Novan entered into a stalking horse asset purchase agreement with Ligand Pharmaceuticals prior to filing for Chapter 11 bankruptcy. Novan also entered into a secured DIP credit facility with Ligand in the principal amount of $15 million.

Oxford Finance and its healthcare leveraged lending group closed a strong first half of 2023, providing approximately $1 billion of commitments across 13 new platform investments and supporting multiple follow-on investments by portfolio companies.