News

Bank of America reported Q1/20 net income of $4.0 billion, down 45% from $7.3 billion in Q1/19. Nonperforming loans increased $504 million from Q4/19, primarily driven by a $353 million increase in commercial loans.

Wells Fargo reported Q1/20 net income of $653 million, down 88.9% from net income of $2.9 billion in Q1/19. Revenue of $17.7 billion was down 18% from $21.6 billion year over year.

Portage Point Partners is serving as restructuring advisor and Guggenheim Securities is serving as financial advisor to Hornbeck Offshore Services, which entered into a restructuring support agreement that will be implemented through a voluntary prepackaged Chapter 11 case.

Ebury, a European fintech company, is launching an initiative to offer financing to SMEs in the UK and Europe, beginning with an initial £40 million ($50.5 million) lending facility to help UK SMEs manage their working capital during the coronavirus...

Sky Bridge Business Funding made its 100% digital application available to help small business owners with the process of applying for Small Business Administration-backed Paycheck Protection Program loans.

Cerebro Capital, a digital commercial loan marketplace that allows middle-market borrowers to analyze, manage and source credit facilities, closed its second round of venture capital.

MelCap Partners was named a winner in the Consumer Discretionary Deal of the Year category at The M&A Advisor’s 14th Annual Turnaround Awards. MelCap won the award for its involvement in the sale of Sawmill Creek Resort to Cedar Fair...

Blackstone Life Sciences and GSO Capital Partners led a $2 billion financial collaboration in support of Alnylam Pharmaceuticals. The deal includes an up to $750 million first lien senior secured term loan led by GSO.

According to an 8K filed with the SEC, PNC Bank served as administrative agent and PNC Capital Markets served as structuring agent on a new three-year $75 million accounts receivable facility for Covia.

Gordon Brothers launched its Industry Brief, which gives an up-to-the-minute assessment of what the firm’s inventory, machinery and equipment, and intangibles experts see happening in multiple markets.