Doing Business in Chicagoland and Beyond
Republic Business Credit provided a Texas Capital Sponsor with the working capital facility to complete the acquisition of a forty-year old iconic publication. Republic provided a $4.5 million receivables purchase line of credit to support the leveraged buyout and ongoing working capital.
AEG Partners was recently retained by a Real Estate Development company to assist in the company’s growth and the development of its financial systems. AEG is acting as interim CFO focused on strategic assistance with various real estate development activities, improvements in financial reporting and the restructuring of certain portfolio assets. The engagement is led by Dave Riesmeyer who heads AEG’s CFO Advisory practice.
Michael H Traison, a partner at the law firm of Sugar Felsenthal Grais & Hammer LLP, oversees the recovery work in Poland of fake email instructions to banks holding investor accounts. Email scams inducing people to part with a little of their money in exchange for treasures left for them in Nigeria were once rampant and evolved into more clever schemes. The recipient banks in Poland received the transfers and the conspirators were unable to withdraw all the funds before Traison and his Polish team alerted authorities. Other cases being handled by the firm include those involving phony email instructions to buyers in the Middle East to send payments for goods received to yet other Polish banks. By moving aggressively recovery has been maximized.
Jake Miller of Oak Point Partners announces the purchase of all remaining known and unknown assets in the Cadence Innovation, LLC Bankruptcy Case. The Remnant Purchase Deal brought additional cash to the Estate at the end of the Case and also helps avoid the hassle of something showing up after the Final Decree that can be costly to resolve and typically isn’t big enough to justify reopening the case.
Jamie Cote of Madison Hawk Partners is pleased to report the closing of several recent transactions: The Chapter 11 sale of a three-acre development site on the Kennedy Expressway, an apartment building in Logan Square and a retail center in Jefferson Park all of which closed in October. Madison Hawk’s upcoming auctions include five houses in Westchester County, NY as well as large development projects in Long Island and Harrisburg, PA.
Veritas Financial Partners, Sugar Felsenthal Grais & Hammer LLP and Conway Mackenzie, Inc. are pleased to share that, with their assistance, Chicago American Manufacturing, LLC (“CAM”) and its affiliated companies closed a $19 million, multi-tiered refinancing of CAM’s secured debt facility in October 2016. Based in Chicago, Illinois, CAM is a leading producer of a variety of consumer and commercial fan products, utility carts, and metal office cabinetry in the United States. CAM provides a full suite of services, including design, engineering, manufacturing, and finishing. Veritas, who provided the lion’s share of the eight figure credit facility, was led by Senior Vice President Evan Nadler. CAM, represented by SFGH partner Aaron L. Hammer, Conway Mackenzie managing director John Pidcock, and their respective teams, successfully negotiated the transaction on behalf of the company.
AloStar provided a $15 million revolving commitment to Ritzman Pharmacies. Ritzman Pharmacies operates over 20 pharmacies – with locations that are both freestanding and in grocery stores – across northeast Ohio.
Suzanne Koenig, of SAK Management Services, LLC, was appointed The Patient Care Ombudsman, for the United States Bankruptcy Court for the District of Oregon Division, by Carla Gowen McClurg, US Trustee, in the Deer Meadows, LLC, Chapter 11, Case, which is an Assisted Living Facility in Sheridan Oregon. In addition to this appointment, SAK Management Services, LLC, was appointed Receiver, and Central Illinois Management Services , LLC, a subsidiary of SAK Management Services, LLC., was appointed as Manager, in the United States District Court for the Northern District of Illinois, Eastern Division, in ARHC v ManagCare, for 6 Skilled Nursing Facilities in the Central Illinois Region.
Gibraltar Business Capital proved again that asset based lending is an increasingly relevant financing option for businesses immersed in media technology services. Media tech company CPXi, a digital solutions company headquartered in New York with offices globally, required some creative financing after pursuing the sale of one of its operating divisions. Underwriting on an initial ABL line of credit had already taken place, which created a challenge that Gibraltar took head on last month.
Loeb Term Solutions recently provided an equipment term loan to a Texas-based contract packaging facility specializing in fluid management for oil and gas well drilling, production and servicing. The client was in need of additional working capital in order to restructure their debt and expand their operations. Loeb Term Solutions provided a term loan on the equipment valued at over $8.25 Million.
HYPERAMS’ Director of Business Development, Kathleen Parker announced the company had recently completed several projects, including the live and online auctions of Val-Fab and United Building Maintenance. HYPERAMS also facilitated a number of other auctions, liquidations and store closings over the past months. The e-tail offering of Kitchen equipment provider Food Service Warehouse was an industry leading liquidation conducted almost exclusively through online channels. Other notable projects included the purchase and resale of assets of Royal Oak Industries and Bronson Precision Products out of a receivership.
Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), announced it acted as lead arranger on a $185 million senior secured credit facility for Heidtman Steel Products, Inc., an industry leading steel processing company, that will be used to support the company’s working capital needs.
Goldstein & McClintock LLLP has recently (a) filed chapter 11 bankruptcy cases in the Northern District of Illinois for two distinct groups of companies (5 real estate entities owned by a common developer and an educational company and its related entities that provide learning enhancement tools to schools, companies, and individuals); (b) structured and helped to consummate a pre-merger partnership (to ultimately become a full merger if fully consummated) between two significant Chicago area non-profit corporations focused on improving neighborhoods on Chicago’s south side; (c) represented a Midwest lender in its $3,900,000 acquisition and tenant improvements loan to borrower of a retail furniture store in Dublin, Ohio; (d) represented a Midwest lender in its $18,000,000 credit facility of term loan, working capital and mortgage loans to an industrial company in Wheeling, Illinois; and (e) added Ashley Brandt as a new partner; Mr. Brandt is an experienced attorney who focuses on representing lenders in real estate foreclosures and workouts and in collection matters, in addition to representing craft breweries and distilleries around the country (over 38 currently) and helping food and beverage companies with their state and federal regulatory, advertising and media matters.