News & Events
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April 9, 2020
Commercial Banking
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Apr 7 -
Citizens Bank announced a $225,000 fund to support small businesses in Connecticut as part of a $5 million initiative to aid communities affected by COVID-19. Of that fund, $175,000 in total will go directly to small businesses in the state. The company will donate $100,000 to LISC Connecticut, which will award emergency relief grants to small businesses to mitigate economic impact from the crisis. Another $75,000 will be split into five separate grants and go directly to Citizens Bank small business customers, to help them continue to operate and recover. And $50,000 will be donated to the Connecticut United Way COVID-19 Response Fund, which will deploy financial relief to individuals and families affected by the pandemic, including those who have been laid off or have seen their hours slashed due to coronavirus.
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Apr 3 -
IndusInd Bank is said to be working with Morgan Stanley and Citi as it looks to raise between $500 million and $750 million of "confidence capital" to soothe investor nerves frayed by worries over rising bad loans due to the coronavirus outbreak and outflow of about one-tenth of its deposits following the collapse of Yes Bank. General Atlantic, Blackstone, Carlyle, Apax Partners and TPG are among the global investors that have been approached. Other bidders are expected to join.
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Apr 6 -
The bank, the first major lender to start offering the Payment Protection Program's loans, said it received more than 178,000 applications worth almost $33 billion, about 9.4% of the total available in the $349 billion program. The figures demonstrate significant demand for relief from businesses suffering from the economic strain of the COVID-19 pandemic.
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Real Estate Finance
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Apr 7 -
Capital One provided the loan to an entity affiliated with Long Island homebuilder Beechwood Organization for an apartment building in the Queens, New York, neighborhood of Arverne by the Sea. The loan is for The Tides Building at 190 Beach 69th St. The property, built in 2017, has 126 units across seven stories.
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Apr 8 -
Monmouth Real Estate Investment acquired a new 153,000-square-foot industrial building in Lancaster, Ohio for $17.8 million. The property at 747 Mill Park Drive is net-leased for 10 years to Magna Seating of America, a division of Magna International. The building is situated on approximately 24.5 acres.
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Apr 8 -
A JV between GBT Realty and Koch Real Estate Investments secured a $141 million construction loan for ONE22ONE, an office tower in downtown Nashville, Tenn. Located at 1221 Broadway, the tower is set to include 24 stories, 356,000 square feet of leasable space and 15,000 square feet of retail space on the ground floor. Completion is scheduled for 2022.
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Commercial Bankruptcy
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Apr 7 -
The Brentwood, Tenn.–based hospital operator announced it had entered into an RSA on a pre-packaged plan to reduce its debt by about $500 million. Despite the bankruptcy filing, Quorum said its hospitals will remain open along with its subsidiary Quorum Health Resources. Additionally, employees will be paid full wages and benefits while supply vendors are also paid for goods and services. In its Q3 2019 earnings report, the company's most recent financials, Quorum posted a net loss of nearly $76 million and saw net revenues decline by $41 million. At the end of Q3, the company reported $1.2 billion in long-term debt.
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Apr 7 -
Commercial Chapter 11 bankruptcy filings for the first calendar quarter of 2020 increased 14% from the same period last year, according to data from Epiq Systems. Total overall commercial bankruptcy filings also increased in the first quarter of 2020, as the 9,817 filings during the first three months of 2020 marked a 4% increase over the 9,481 total commercial filings over the same period in 2019. However, total overall bankruptcy filings decreased 5% over the first three months of 2020 to 177,198 from the 187,325 filings during the same period of 2019. The 530 total commercial Chapter 11 filings for March 2020 increased 18% over Chapter 11 filings in March 2019.
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Apr 6 -
Ravn Air Group, a regional Alaskan airline operator, filed for Chapter 11 protection in Delaware saying travel restrictions and a massive reduction in passengers resulting from the global outbreak of COVID-19 hampered its cash flow to the point of insolvency and forced it to ground its fleet and lay off all of its employees. Ravn operates airlines that provide passenger service as well as charter, mail, medical delivery and freight services under the names RavnAir ALASKA, PenAir and RavnAir CONNECT. The company is carrying $90 million in secured debt into court under a credit agreement administered by BNP Paribas. Negotiations with its existing lenders didn't result in any new financing and applications to receive grants under the recently passed Coronavirus Aid, Relief, and Economic Security Act haven't yet been processed by the federal government.
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