News

Centric Brands entered into a restructuring support agreement, led by certain funds managed by Blackstone, Ares Management, and HPS Investment Partners, to recapitalize the company and provide $435 million in debtor-in-possession financing.

JCPenney entered into a restructuring support agreement with lenders holding approximately 70% of its first lien debt to reduce the company’s outstanding indebtedness and strengthen its financial position.

The RSM U.S. Middle Market Business Index, presented by RSM and the U.S. Chamber of Commerce, decreased by more than 21 points to 88.4 in Q2/20, capturing the severe shocks to the economy resulting from the COVID-19 pandemic.

The economic downturn in the U.S. will continue for the rest of 2020, according to the spring 2020 semiannual economic forecast from the Institute for Supply Management.

Utica Equipment Finance completed the funding of a $5.4 million sale and lease back of cranes located throughout North America to a provider of crane services.

Yukon Partners, a provider of mezzanine capital for middle market private equity transactions, supported ECM Industries in its acquisition of ILSCO.

FTI Consulting is acting as restructuring advisor and Centerview Partners is acting as financial advisor to Ultra Petroleum, which agreed to the terms of a comprehensive balance-sheet restructuring with key creditor constituencies and filed for reorganization under Chapter 11.

Kroll Bond Rating Agency assigned an issuer rating of BBB- with a stable outlook to Crescent Capital, citing the company’s well-established franchise in the middle market lending space.

According to a survey from the Association for Corporate Growth and Chief Outsiders, 40% of private equity firms think their portfolio companies are ready to restart their commercial engines.

Pursuant to a restructuring support agreement, Hornbeck Offshore Services has the support of secured lenders holding approximately 83% of the company's aggregate secured indebtedness.