John Kemp of Wolverine Partners, a financial advisory and investment banking firm, was appointed creditor trustee and chairman of the board of SupplementWarehouse.com, Inc., a national online retailer of sports-related energy and nutritional supplements, after the company’s successful emergence from bankruptcy in early October
Monroe Capital announced that it has provided a $70 million increase in its credit facility to a consumer products company, bringing the total to $125 million. The facility has been used to provide funding for two recent strategic acquisitions. While the borrower and specific terms aren't being disclosed, the company is one of the leading manufacturers of consumer product technology accessories sold both online and in retail stores.
David Johnson of ACM Partners completed the successful turnaround of a 120-year old nonprofit organization in the Chicagoland area. During his tenure as Interim COO, Johnson led a comprehensive strategic turnaround of the organization that addressed cost structure, liquidity, management, and structure. Johnson has also been named interim CFO of a $150 million private equity backed construction company.
AEG Partners announced a series of recent engagements including: advisor to a Midwest- based retailer to address liquidity issues, rationalize costs and improve management reporting practices; advisor to a financial services company to assist in all aspects related to fraud; advisor to a consumer products goods manufacturer to manage both a financial and operational restructuring; and appointment as plan administrator for the Estate of Bear Island Paper Company (BIPCO).
Loeb Winternitz President, Charles Winternitz, reports on the completion of several auction and liquidation projects, of which an equity position was taken or completed on agent basis, including: TigerDirect.com, 350,000 sf distribution center (IL); Best Manufacturing & Welding, structural steel, fabrication and welding operation (IL); KLW Recycling, two locations, metal and plastics recycling and reprocessing (incl. yellow iron) centers/yards (MI); surplus to Scorpion Performance, high precision CNC machining operation (FL); Middle Fork Development Services (Sale #2), heavy construction, off-highway and mining equipment (KY); Kwik Tech, Inc., CNC precision machine shop (MI); Nobu Nutritional Baking, high-end pet food baking, processing and packaging equipment (IL); surplus to Lubrizol Corp., ink & powder processing and packaging equipment (IL); and Ryder Integrated Logistics, 500,000 sf co-packager featuring baggers, trays and wrappers (GA).
Summit Financial Resources recently provided $6 million in working capital financing to a variety of small- and medium-sized businesses across the country including accounts receivable & inventory financing for the following companies: a $2,750,000 A/R credit line to an aerospace consulting and laboratory testing company based in Washington; a $750,000 A/R credit line to a manufacturer of gourmet chocolates based in Utah; a $600,000 A/R credit line to a distributor of seeds based in South Dakota; and a $2,000,000 A/R & Inventory credit line to a manufacturer of office furniture in North Carolina.
Jake Miller of Oak Point Partners announced the purchase of all remaining known and unknown assets in the Penn Traffic Company 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.
Loeb Term Solutions recently funded term loans on equipment valued at over $3.7 million helping three more clients achieve their financing goals. Recent financing includes $1.5 million to a southeast food manufacturer, $1.3 million to a midwest precision CNC facility, and $900,000 to a Northeast pharmaceutical manufacturer.
The official committee of unsecured creditors of World Marketing Chicago LLC, et al. engaged Sugar Felsenthal Grais & Hammer LLP as its legal counsel. Acquired in 2014 from a subsidiary of Berkshire Hathaway, Inc., World Marketing is a direct marketing specialist organization providing strategic production and mailing services to a range of mid-size and large companies across the country. As of their bankruptcy filing, World Marketing scheduled assets in excess of $11 million and liabilities in excess of $17.6 million. World Marketing is seeking to sell substantially all of its assets through a bankruptcy section 363 sale. In addition to its engagement as committee counsel in World Marketing, the firm was engaged by the Official Committee of Unsecured Creditors in the CRP-2 Holdings AA, L.P. bankruptcy case currently pending in Chicago. CRP-2 was formed in 2006 for the primary purpose of acquiring and managing real property. As of the petition date, the debtor owned ten properties appraised at approximately $160 million. The debtor has filed a plan and disclosure statement seeking to reorganize.
Tom Jones of Concord Financial Advisors LLC announced the closing of a $5.0 million senior secured revolving line of credit for Concrete Structures of the Midwest, located in West Chicago, IL. Proceeds were used to refinance existing debt and support working capital needs. Concord served as the exclusive advisor to the company.
Goldstein & McClintock LLLP: (a) was selected as counsel to the creditors’ committee in the chapter 11 case of International Supply Co. (C.D. Illinois); (b) represented People’s Choice Hospital in taking over operations of a distressed hospital in Florida immediately on the heels of receiving Turnaround of the Year awards by both Turnaround Atlas Awards and the TMA’s Chicago/Midwest Chapter for its work on behalf of that same client in the acquisition of a distressed rural hospital in Arizona; and (c) received the following recent awards: “Best for Finance Law – USA” by Wealth & Finance International Magazine’s 2015 Finance Awards, “Best Corporate Restructuring Boutique – USA” by Corporate LiveWire’s 2015 Legal Awards, “Best for Corporate Restructuring – Illinois” by Acquisition International’s 2015 Legal Awards, and “Best Restructuring & Workouts Law Firm – Illinois” by Corporate America’s 2015 M&A Awards, and 2016 U.S. News Best Law Firms for “Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law” and “Real Estate Law.”
HYPERAMS LLC closed an online auction of on behalf of the Indiana Limestone Company who exited the stone fabrication portion of its business in late October and a large modern plastic injection molding facility in early December.
Suzanne Koenig of SAK Management Services LLC was appointed patient care ombudsman in the El Paso Children’s Hospital Corporation’s chapter 11 case.
Brent Kugman and Trevor Toppen of Kugman Partners were recently appointed board members of Cardiac Science Corporation (CSC), facilitating a restructure and sale of this innovative AED manufacturer with global distribution. Kugman Partners is also providing guidance as president, treasurer and secretary of CSC.