Retail’s Costly Transformation - Somewhat encouraging numbers from this past holiday shopping season are lending good news to the overall economy, as consumer confidence strengthens and retail stocks tick upward. But the modest gains shouldn’t be interpreted as a rebound for the fractured retail industry, which will continue to face losses and a substantial transformation as it sweeps up the mess.
The True Face of Dilution (Part 2 of 3) - Field examiners may spend a considerable time scrubbing a borrower’s trade accounts receivable (A/R). Often the resulting ineligibles proposed are met with the following question “Isn’t this all covered by dilution?” Knowing the answer to the question is critical to ensuring that the borrowing base formula adequately protects an asset-based lender. ABF Journal’s coverage on field examinations continues with the second part of a three-part series.
While ABL Tapers Off in Q4/09, Lenders Expect an Active 2010 - Asset-based lending got off to a tepid start in 2009 and gained momentum part way through the year, only to see issuance taper off by year-end. At $8.55 billion, Q4/09 issuance, while up 45% over Q4/09, was off 15% from Q3/09 levels, to close out the year with the lowest quarterly issuance since the end of 2008. The softness was disappointing and arguably a bit of a surprise.
KPS Capital Partners… Making Things Happen in Turnaround Investing - From its strict use of asset-based lending structures to its strong relations with labor unions, very little about KPS Capital Partners resembles a run of the mill private equity fund. In the following profile, Michael Psaros, co-founder and managing partner, explains this team’s approach to investing in turnaround situations … and a lot more.
FROM ALL FACETS
The Rise of the Quickie Bankruptcy - As the pace and timeframe with which Chapter 11 filings are processed becomes condensed, commentary — both good and bad — has focused on the role of the prepackaged bankruptcy. Kevin Lombardo says that while prepacks have their place, firms must “tread lightly” on this insolvency path that’s gaining in popularity.
IFA 2010 Annual Conference - The IFA’s annual conference, to be held April 14-17 in Scottsdale, AZ, is a meeting dedicated to banks and finance companies that offer financing through factoring. This year’s conference provides plenty of educational material from beginner to advanced, domestic to international, officer to president and all levels of employee groups.
New Association Aims to Shine Positive Light on Factoring - In mid-2009 when the economy was still mired in a long, hard recession and just beginning to work its way out, members within the International Factoring Association decided it was time to launch another branch to stave off onerous regulation of their non-regulated companies. The result became the American Factoring Association.
CIRAs: Well Equipped for Economic Crisis - Current economic conditions have created great demand for services of financial experts trained in the area of insolvency and restructuring. Rendering financial advisory services in the business turnaround, restructuring and bankruptcy practice areas requires both specialized knowledge and relevant experience.
Court of Appeals Rules Unsecured Creditors May Claim Post-Petition Attorneys’ Fees - In the case of Ogle, Liquidating Trustee of the Agway Liquidating Trust v. Fidelity & Deposit Co. of Maryland, The United States Court of Appeals for the Second Circuit held on November 2009 that a creditor was entitled to its post-petition legal fees incurred on a pre-petition indemnity agreement. In affirming the lower courts, the Second Circuit explained that the Bankruptcy Code (Code) “interposes no bar to recovery.”
FinalCut: GE’s Immelt Takes Swipe at Culture of ‘Meanness and Greed’ - ABF Journal illustrator Jerry Gonzalez' visual interpretation of a top-ranked abfjournal.com news story according to our visitors.