News

The International Factoring Association appointed four new Advisory Board members, including Bud Crawford of PrimeArc Capital, Dean Landis of Entrepreneur Growth Capital, Meg Roberson of Gulf Coast Business Credit and Glen Shu of Heritage Bank of Commerce.

North Mill Capital provided $2.75 million in recent transactions, including a $1.75 million asset-based revolving line of credit to a wholesaler and distributor of maple syrup in Wisconsin.

J D Factors provided $1.47 million in recent factoring facilities, including a $500,000 factoring facility to a transportation company in New York.

BRF Finance, an affiliate of B. Riley Financial, committed to provide Tuesday Morning with $25 million of debtor-in-possession financing as required by the company’s current $100 million DIP agreement with its existing lender group.

The Moody’s Analytics baseline economic forecast reports that real global GDP will fall by 4.5% this year as a result of COVID-19 and the economy will not return to full-employment until mid-decade.

The U.S. Bankruptcy Court for the Southern District of Texas authorized JCPenney to access its debtor-in-possession financing, which includes $450 million of new money from its existing first lien lenders.

Joint venture partners Gordon Brothers and Hilco Global have commenced “going-out-of-business” sales at more than 350 Pier 1 stores across the United States.

Crestmark secured $14.34 million in ABL financial solutions for 11 new clients in the second half of May.

Total commercial Chapter 11 filings in May 2020 increased 48% from May 2019, according to data provided by Epiq Systems. However, total bankruptcy filings in May 2020 were down 42% from total filings in May 2019.

Vervent entered a partnership with Finitive to further promote collaboration and inclusion within the fintech industry.