COVER STORY

Where Money Moves Like Molasses: Lending to The Advertising Media Space - Global spending on advertising in 2020 is forecast to exceed $700 billion. Bernard Urban investigates the complexities of lending to this space where money moves like molasses and nonbank lenders are entering the game at an increasing rate. 

FEATURES

Broken Leveraged Loans: The Coming Feast For Asset-Based Lenders - Institutional investors, under pressure to deploy funds, have resorted to taking on even more risk. Hugh Larratt-Smith examines the proliferation of covenant-lite loans in the market and their implications for the industry. 

Investor Pre-Funding Rights In Subscription Credit Facilities - Lenders and funds continue to explore innovative ways to include a wider pool of investors in the borrowing base. But care should be taken to understand the provisions of a fund’s constituent documents and side letters when considering such an approach.

Looking Back On A Career In Bankruptcy: Q&A With The Honorable Kevin Gross - After serving the U.S. Bankruptcy Court for 14 years, The Honorable Kevin Gross is retiring. In a Q&A with ABF Journal, he looks back on the events that led him to bankruptcy and the most important cases that came before him. 

LEGAL LINES

Collateral Description By Reference - Jeffrey Wurst examines two standards of the UCC for collateral description. He explains why lenders must exercise caution when intending to lend against collateral that is represented not to be part of a prior lender’s collateral package. 

TURNAROUND CORNER

Everybody Eats: Why is Food Processing Risky Right Now? - Food-related businesses are under stress. Why is this happening to industries that serve such a basic need? Juanita Schwartzkopf explores the causes of this trend, such as changes in consumer preferences, and says lenders and borrowers must remember that cash is king when it comes to today’s food chain.