The Secured Finance Network (SFNet) added to its executive and management committees for fiscal year 2022. These leaders guide the association, make policy decisions, confirm new members and provide thought leadership in advocacy and education.
Otterbourg named James M. Cretella chair of the firm’s alternative and specialty finance practice group. Cretella’s areas of focus include asset-based lending, supply chain finance, trade finance and specialty finance.
Otterbourg named Valerie S. Mason and Nneoma A. Maduike co-chairs of the firm’s lender finance practice group. Maduike and Mason are also members of Otterbourg’s finance practice, which encompasses acquisition finance, asset-based lending, structured finance and more.
Jason I. Miller joined Otterbourg as a member of the specialty finance group. His practice focuses on asset-based lending, cash flow lending, middle market, factoring, leveraged finance, first and second lien loans and term loans.
Rosenthal & Rosenthal provided financing to facilitate a complex restructuring and sale of Prestige Industries, a provider of commercial laundry and valet services to the hospitality industry in the New York City region.
Otterbourg added Keith N. Costa and Michael Wenger to the firm as members of the restructuring and bankruptcy practice and counsel in the banking and finance practices, respectively.
As part of its leadership transition plan, Otterbourg has named Daniel Fiorillo head of the firm’s restructuring practice group, replacing Jonathan Helfat.
For many years, bankruptcy courts failed to enforce intercreditor agreements because the parties involved were not in bankruptcy. Courts today are enforcing these agreements strictly according to their text. Failure to note the precise wording of an intercreditor agreement can trip up a first lien lender and give the second lien lender the upper hand during bankruptcy proceedings.