September 2018
Feature Article
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The Coming Storm
While it is impossible to predict the exact timing, a downturn is inevitably coming after such a long period of economic expansion. The stretch of time following the last recession in 2008 has featured low interest rates that make debt loads more manageable for middle market businesses. The past eight years have seen a booming […]
More from this Issue
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Welcome Home
The foundation of this house is strong, its pillars rich with knowledge, experience, and potential. On this strong foundation, we are building a great house that welcomes a diverse community of professionals from near and far. It is a place that all from our community can call home. This next chapter for TMA offers a […] -
Newcomers: September 2018
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 Business Credit California – Southern William H. Baribault, Oakwood Enterprises Anthony Facciano, Bankruptcy Management Solutions Inc. […] -
Milestones
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) category. Bond’s career spans 50 years, a tenure that […] -
2018 Hall of Fame
In 2008, TMA established the Turnaround, Restructuring and Distressed Investing Industry Hall of Fame to honor and preserve the names of those whose outstanding individual contributions have increased the stature and respect of an industry dedicated to stabilizing underperforming companies, rebuilding corporate value, and retaining jobs. Congratulations to the following individuals who will be honored […] -
Edwin H. Caldie: The Boy’s in the Band
Ed Caldie is a partner with Stinson Leonard Street in Minneapolis. He represents creditors’ committees, trustees, financial institutions, individual creditors, corporate debtors, buyers, servicers, public companies, investment funds, and others in complex bankruptcies, workout scenarios, insolvency situations, and related issues and disputes. His practice typically involves distressed assets and companies, commercial workouts, and Chapter 11 […] -
Direct Lenders Ignore Lessons of Credit 101 at their Own Peril
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 the euphoria will turn […] -
Bankruptcy Is Uncharted Territory for Unitranche Lenders
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 However, over the past few decades, loans increasingly […] -
A Survival Guide for Middle Market Restructuring Professionals
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 11have increased, so has the risk that filing a company for an unplanned Chapter 11 could result in dismissal of the case or conversion to Chapter 7. […] -
Non-Bank Lenders Must Navigate Late-Inning Financing Environment
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 current financing environment for middle market non-bank lenders continues to […] -
Preparing to Manage Challenging Credits Through a Down Cycle
Many non-bank direct lenders and others are asking, “Are we ever going to have a recession?” The obvious answer to that question is yes, but no one knows when. Risk appears to be extremely underpriced. Leverage lending multiples and advance rates on asset-based transactions are at all-time highs. The percentage of EBITDA consisting of addbacks […] -
The Coming Storm
While it is impossible to predict the exact timing, a downturn is inevitably coming after such a long period of economic expansion. The stretch of time following the last recession in 2008 has featured low interest rates that make debt loads more manageable for middle market businesses. The past eight years have seen a booming […] -
Guarding Against a Perfect Storm
The middle market is in the midst of a 10-year M&A bull market characterized by increasingly high transaction multiples, rising leverage levels, and rapid growth in credit assets under management (AUM) from non-bank lenders. Despite the present optimism, it is not difficult to imagine how an unexpected economic setback combined with these characteristics could result […]
Snapshot Article
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