News

Bank of America will provide debtor-in-possession financing to fund the restructuring process of Techniplas, which filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware.

Crestmark funded more than $215 million for small businesses through the Paycheck Protection Program (PPP), part of the CARES Act stimulus package.

According to a survey from the Secured Finance Network, the factoring industry saw only minor changes in the 2018-2019 time period, except for a significant increase in credit losses, most likely attributable to the competitive environment through 2019.

Berkeley Research Group is serving as financial advisor for Neiman Marcus Group, which commenced voluntary Chapter 11 proceedings and secured DIP financing of $675 million from its creditors.

CIT Group’s power and energy unit served as lead arranger on a $217 million financing for the 200-megawatt Hillcrest solar photovoltaic project in Brown County, OH.

MidCap Financial completed an equity offering of more than $300 million. This offering is part of a strategy to enhance MidCap Financial's financial flexibility as a capital provider to the middle market.

John Varvatos Enterprises reached agreements with an affiliate of Lion Capital, one of the company’s existing secured lenders, under which the company will sell its business to Lion as a going concern.

America First Multifamily Investors terminated all of its outstanding debt financing arrangements with Deutsche Bank and entered into five variable rate tender option bond (TOB) trust financings with Mizuho Capital Markets.

J.Crew Group received approval for all first day motions related to its Chapter 11 restructuring, including access to the $400 million debtor-in-possession financing facility provided by Anchorage Capital Group, GSO Capital Partners and Davidson Kempner Capital Management.

Total commercial chapter 11 filings rose 26% in April 2020 compared with April 2019, according to data provided by Epiq Systems.