News

The October Credit Managers’ Index from the National Association of Credit Management rose 2.4 points to 58.4, marking its highest combined score in more than a decade and a half.

Pacific Drilling and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11. Greenhill & Co. is acting as financial advisor, Latham & Watkins and Jones Walker are acting as legal counsel and AlixPartners is acting as restructuring advisor.

Tiger Group will conduct an online auction on Nov. 12 of textile embellishment and warehouse equipment, blank inventories of apparel and hardgoods, and intellectual property of a wholesale supplier of custom-designed promotional products that is now winding down operations.

CIT’s power and energy business served as coordinating lead arranger on a $151 million financing for the 250-megawatt Galloway I solar farm planned for Concho County, TX.

CIBC Innovation Banking provided a growth capital facility for Cunchbase, a San Francisco-based provider of private-company prospecting and research solutions. 

JCPenney entered into an asset purchase agreement with Brookfield Asset Management, Simon Property Group and a majority of the company’s DIP and first lien lenders.

The economic disruptions caused by COVID-19 sparked a wave of large corporate bankruptcy filings in 2020. According to a new report by Cornerstone Research, 52 companies that have more than $1 billion in reported assets have filed for bankruptcy.

Gordon Brothers, an advisory, restructuring and investment firm, published an article examining the effects election years can have on consumer spending and different retail sectors in the U.S.

CIT Group’s healthcare finance business served as the sole lead arranger on a $39 million loan for the acquisition of the North Hills Health Center in Menominee Falls, WI, by private equity firm IRA Capital.

California Resources Corporation will complete its financial restructuring and emerge from bankruptcy with a $540 million revolving credit facility, $300 million of secured notes and $200 million of second lien term loan from Ares.