This article addresses certain financing topics from the perspective of a non-bank cash flow lender in the lower middle market segment, referencing companies with EBITDA of less than $30 million. The article explores some key issues for cash flow lenders in today’s late-cycle environment. The...

In the past, when companies in distress turned to restructuring professionals, those professionals often had a one-size-fits-all solution: Chapter 11 bankruptcy. However, as the cost and complexity of Chapter 11 have increased, so has the risk that filing a company for an unplanned Chapter 11 could...

Since the 1978 passage of the U.S. Bankruptcy Code, the corporate structure and financing arrangements of a typical Chapter 11 debtor have changed dramatically. 1 When the Bankruptcy Code was enacted, the assets of a typical debtor were encumbered by a lien held by a single secured creditor. 2...

As the market continues an unprecedented eight-year M&A and stock market bull run, people continually ask where the economy is in the business cycle—what inning?—and whether it is closer to the end of the game than to the beginning. No one has the crystal ball to pinpoint the exact moment when...

Edward P. Bond , a founding member of New Jersey accounting firm Bederson LLP , received a Lifetime Leadership Achievement Award during the Turnaround Atlas Awards recently at the Metropolitan Club in New York City. His firm also received an award in the private equity turnaround (small cap)...

Alabama Barry K. Curry, Crestmark Bank Arizona David Wm. Engelman, Engelman Berger PC Alan Quinty, FTI Consulting Michael Suzuki, Maynards Capital Atlanta Patrick Thom, Action Capital Corporation California - Northern Greg Geronemus Kevin Gunter, Alterna Capital Solutions Reiley Higgins, PNC...

A troubled company often reflexively perceives a bankruptcy filing as the prototype solution to its financial distress. Bankruptcy is an important and powerful tool to address insolvency—providing for an automatic stay, the sale of assets free and clear, confirmation of a plan over the objection of...

An assignment for the benefit of the creditors (ABC) has become an increasingly well-known insolvency process. While an ABC may have certain advantages for a particular company over other insolvency alternatives ( e.g ., a bankruptcy filing, foreclosure), the facts of each situation should be well...

Complex commercial and property cases can turn on issues that are not easily resolved by conventional litigation. But the law offers a path out of the thicket. Receivership is a tool that is often overlooked in complex disputes. Working with the court, receivers can provide the structure, guidance...

The Uniform Commercial Code (UCC) provides a framework to allow a secured party to foreclose its security interest in personal property after a default without judicial proceedings. The secured party may then proceed to take possession of the collateral and render it unusable or dispose of it on...