News

The August Credit Managers’ Index (CMI) from the National Association of Credit Management reached a more than two-year high with a combined score of 56.5, which was just better than January 2020 and the highest reading since May 2018.

Michael Tamasco joined Nassau Financial Group’s asset management business to oversee global business development, enhance client engagement and champion expansion of the firm’s third-party asset management platform.

Circle Graphics, a portfolio company of global alternative investment firm H.I.G. Capital, acquired Bay Photo.

Grouper Holdings, a subsidiary of MiddleGround Capital, entered into a stalking horse stock and asset purchase agreement with Shiloh Industries to acquire substantially all of the company’s assets. Shiloh’s lenders committed to provide a $123.5 million DIP facility.

Imperial Capital is acting as financial advisor and Porter Hedges is acting as legal counsel to SAExploration, which entered into a restructuring support agreement and filed petitions for relief under Chapter 11 of the U.S. Bankruptcy Code.

Fortress Biotech entered into a $60 million loan agreement with funds managed by Oaktree Capital Management. Fortress Biotech expects to use the proceeds from the five-year loan to refinance existing indebtedness.

Since the start of the COVID-19 pandemic, courts have alleviated some financial burdens of bankrupt retailers by granting “mothball motions,” allowing companies to shelve post-petition rental payments, according to an article in the August ABI Journal.

The United States Bankruptcy Court for the Southern District of Texas confirmed EP Energy’s amended plan of reorganization. FTI Consulting is serving as restructuring advisor and Evercore is serving as financial advisor to EP Energy.

Elixxer entered into a loan agreement with AIP Convertible Private Debt Fund for a secured loan in the principal amount of C$4 million ($3.06 million).

Monroe Capital closed a $406.27 million term debt securitization known as Monroe Capital MML CLO X, LTD. The term financing was Monroe’s fifth CLO completed since March 2018 and is secured by a portfolio of middle market senior secured loans.