Mon, Jul 26, 2021
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

TriMark lenders go to court over priming fight

Tuesday, November 10, 2020

Bailey McCann, Opalesque New York:

Winning the financing market depends on where you sit in the capital stack if things go south. If a company finds itself unable to pay all of its creditors, leveraged lenders generally want to make sure they're high enough on the list to be one of the handful that gets repaid in part or in full. Historically, that pecking order has been defined by the assets securing the loan and the terms of financing. So-called first-lien lenders, for example, expect to be one of the creditors paid off no matter what. But that may be changing. Aggressive lenders in a small handful of deals over the past few years have been able to renegotiate lending terms and catapult themselves to the head of the line. The latest - involving restaurant supplier TriMark - ended up in court this weekend.

One group of lenders is suing another group of lenders arguing that a $427.5 million rescue financing package unfairly supplanted previously senior lenders. The plaintiffs include Audax, BlueMountain Capital Management, Golub Capital Partners, Intermediate Capital Group, New Mountain Finance Corp., Shenkman Capital Management, York CLO Managed Holdings, and Z Capital Credit Partners. Defendants include a laundry list of firms including Ares Management, BlackRock, Blackstone, Centerbridge Partners, and Oaktree.

According to the complaint, the defendants worked with TriMark on additional financing to bail out the company as it took on new losses from the pande......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. SPACs: SPAC merger with space firm Momentus threatened by SEC fine, Altus Power to merge with SPAC created by CBRE in $1.58bn deal, 10 best cheap SPACs to buy according to Reddit, A-Rod's slam SPAC is in merger talks with Italy's Panini group, How to conjure a $20bn fortune using a SPAC[more]

    SPAC merger with space firm Momentus threatened by SEC fine From Bloomberg: A blank-check company's acquisition of space-cargo firm Momentus Inc. has been dealt a serious blow by the U.S. Securities and Exchange Commission, which accused both entities of misleading shareholders just we

  2. PE/VC: Private credit: The $1tn "new 40" opportunity[more]

    From Institutional Investor: The private debt asset class has provided investors with an attractive combination of high cash yield and floating rate returns coupled with low volatility and loss rates, while modernizing portfolios. Private credit is on a roll. Investors love the strong cash yie

  3. Distressed-debt funds get no love as credit problems disappear[more]

    From Bloomberg: Private debt investors are turning away from distressed funds amid shrinking opportunities to profit from troubled companies. Investors were less keen to put their money to work in funds that target distressed credits in the past quarter than a year ago, according to a poll of

  4. Investing: Cathie Wood's Ark Invest abandons Chinese tech stocks amid regulatory crackdown[more]

    From Business Insider: Cathie Wood's Ark Invest has slashed its exposure to Chinese tech stocks amid an ongoing regulatory crackdown, according to Ark's daily trading updates. Ark's flagship Disruptive Innovation ETF has seen its exposure to Chinese stocks fall to less than 1% from a high of 8

  5. SPACs: SEC abruptly kills Ackman's controversial SPAC plans, Bill Ackman rejigs Universal deal after regulators probe SPAC plan, SPAC-ing the Southeast Asia story, SPAC deals will rebound for remainder of 2021[more]

    SEC abruptly kills Ackman's controversial SPAC plans From Institutional Investor: The Securities and Exchange Commission has killed Bill Ackman's special purpose acquisition company's complicated plan to invest in Universal Music Group. On Monday, his SPAC, Pershing Square Tontin