Asset Based Lenders inevitably face untransactable situations when a lengthy debt schedule encumbers target assets.
CEO Adam Duso explains how rather than forgo these transactions, or attempt global resolutions, a streamlined reorganization can divorce all subordinate debt from the value of business operations, returning a pristine entity ready for lending in first position – in as little as 45 days.
Second Wind has conducted thousands of reorganizations in the distressed space which eliminate all subordinate debt, while preserving the full value and continuity of business operations.
An alliance with Second Wind will allow the ABL professional to turn otherwise untransactable situations in pristine lending situations.
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– At Second Wind Consultants We work with asset-based
lenders all over the country. We met one recently
that was trying to lend Against a company who had
a significant asset base, From both equipment, inventory
and accounts receivable. However, after they did due diligence, They found that the company
had several positions With blanket UCCs on all of
their outstanding collateral. What we were able to do and
how we were able to help them, Was to take that target opportunity And reorganize the business using The strategic article nine short sale, And completed the process
in about eight weeks, Which created a pristine
entity that was free and clear Of all of the previous
leans and encumbrances. That allowed the asset-based lender To streamline the underwriting process And put in place an equipment-based
and inventory-based line Along with additional
encumbrances and leverage For the outstanding accounts receivable. For asset-based lenders,
potential lending opportunities No longer need to be
discarded due to the fact That there are existing
debts on the debt schedule Encumbering the underlying collateral, Because there is an option
to strip off excess debt And allow asset-based lenders
to lend in first position.
