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Read original article in the 2023 Deals of the Year Issue of ABFJournal. A traditional sale/exit of an overleveraged business is unlikely to create a successful exit for owners, but a sell-side “reorganizations exit” can create far more benefit for sellers, as well as business development opportunities for secured financiers. When a business is overleveraged,…
Originally published in ABF Journal. Second Wind Consultants worked with Chase Bank to reorganize a consumer construction supply company through an Article 9 reorganization that resulted in a $2 million recovery for the bank. Prior to the reorganization, Chase Bank faced a $1.8 million deficiency on a $2.8 million senior note. The resulting recovery from the reorganization represented twice…
Second Wind Consultants makes ABFJournal’s Most Innovative Companies of 2023 list! ABFJournal has named Second Wind Consultants as one of the Most Innovative Companies of 2023. Launched in 2002, Asset Based Finance Journal is a leading independent trade finance publication focused exclusively on the asset-based lending, factoring, commercial finance, and turnaround management industries. Second Wind is…
Originally posted in ABFJournal | Written by Ian Koplin Second Wind Consultants restructured a client of Emigrant Bank so it could avoid formal liquidation. The client is a telecommunications infrastructure company with annual revenues of $20 million. Through the reorganization, Second Wind Consultants increased Emigrant Bank’s recovery from $800,000 in asset valuation to $2 million while preserving the business and…
Resolving troubled commercial loans can be messy — lawyers are needed, court appearances are routine, and emotions can run high for borrowers. But experts are touting something called an Article 9 sale as a better alternative to bankruptcy for banks and credit unions, at least in some cases, that keeps them out of court. Article…
Previously published in ABF Journal. For decades, private equity investors have taken distressed assets through a process to divorce them from subordinate liens. An analogous, lender-initiated process (the UCC Article 9 reorganization) clears up the traditional bottleneck in bank-to-ABL transitions, ultimately leading to the next evolution of the take-out relationship. In the latter stages of the business lifecycle, the…
Article originally published in The Daily Hampshire Gazette EASTHAMPTON — A shuttered Main Street restaurant that beckoned national attention has reopened its doors under a new name. Three former employees of Coco and The Cellar Bar and two area restaurateurs have relaunched the 95 Main St. hot spot under the new name, Calico. “We’re ready to…
There are faster ways to liquidate or relaunch a company than going through a federal court. Originally posted in Bloomberg Businessweek | Written by Peter Coy Resolving business failures cheaply and rapidly has never been more important, with Covid-19 and the recession about to push record numbers of companies under. But consider what a small-business owner faces:…
President Aaron Todrin comments on Merchant Cash Advance companies’ use of COJs in recent Washington Post/Bloomberg story. Last year, an array of New York officials, from county clerks to Governor Andrew Cuomo, promised to stop a group of predatory lenders that have been using the state court system to bludgeon small businesses nationwide. So far, little has…
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