Question for Ch. 11 Counsel and Anybody with Info re DIP financing
Posted: Wed Feb 10, 2010 7:49 pm
Ch. 11 Counsel:
I have some operating Chapter 11 cases pending right now that need a cash
infusion. Of course, that's what we all need, but, seriously, at least one
of my debtors is entering its high-sales season right now (i.e., it is in
the seafood wholesale business), but its blanket lienholder is no longer
funding additional purchases -- we have a cash collateral order in place,
but at a level too low to purchase more product to make more profit and get
out of the hole they find themselves in faster. The business has a gross
margin of about 15%, which prior to last year allowed the principals to lead
a very good lifestyle and purchase real property to expand the business --
which, of course, is what led to their current predicament. I have a couple
of people in the business of lending money to DIPs, but I would like to
explore other sources as my traditional sources prefer to lend more in the
millions and the debtor I'm talking about does not need sufficient funds for
them to be too interested. My Debtor needs funds in the six figures up to
$1,000,000. Does any of you have any contacts to whom you could refer me to
seek such funding?
I'll take my answers on the listserv or off. Thank you very much for your
prompt attention to this important matter.
Giovanni Orantes, Esq.
3435 Wilshire Blvd. Suite 1980
Los Angeles, CA 90010
Tel: (213) 389-4362
Phone: (888) 619-8222 x101
Fax: (877) 789-5776
e-mail: go@gobklaw.com
website: www.gobklaw.com
WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO
AND SANTA BARBARA.
Note: The information contained in this e-mail message is confidential
information intended only for the use of the individual or entity named. If
the reader of this message is not the intended recipient or an agent
responsible for delivering it to the intended recipient, you are hereby
notified that any dissemination, distribution or copy of this communication
is strictly prohibited. If you have received this communication in error,
please immediately notify us by telephone or e-mail and delete the original
e-mail at (213) 389-4362 or (888) 619-8222.
IRS Circular 230 Disclosure: In order to comply with requirements imposed by
the Internal Revenue Service, we inform you that any U.S. tax advice
contained in this communication (including any attachments) is not intended
to be used, and cannot be used, for the purpose of (i) avoiding penalties
under the Internal Revenue Code or (ii) promoting, marketing, or
recommending to another party any transaction or matter addressed herein.
Ch. 11 Counsel:I have some operating Chapter 11 cases pending right now that need a cash infusion. Of course, that's what we all need, but, seriously, at least one of my debtors is entering its high-sales season right now (i.e., it is in the seafood wholesale business), but its blanket lienholder is no longer funding additional purchases -- we have a cash collateral order in place, but at a level too low to purchase more product to make more profit and get out of the hole they find themselves in faster. The business has a gross margin of about 15%, which prior to last year allowed the principals to lead a very good lifestyle and purchase real property to expand the business -- which, of course, is what led to their current predicament. I have a couple of people in the business of lending money to DIPs, but I would like to explore other sources as my traditional sources prefer to lend more in the millions and the debtor I'm talking about does not need sufficient funds for them to be too interested. My Debtor needs funds in the six figures up to $1,000,000. Does any of you have any contacts to whom you could refer me to seek such funding?
I'll take my answers on the listserv or off. Thank you very much for your prompt attention to this important matter.-- Giovanni Orantes, Esq. 3435 Wilshire Blvd. Suite 1980
Los Angeles, CA 90010Tel: (213) 389-4362Phone: (888) 619-8222 x101Fax: (877) 789-5776e-mail: go@gobklaw.comwebsite: www.gobklaw.com
WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO AND SANTA BARBARA.Note: The information contained in this e-mail message is confidential information intended only for the use of the individual or entity named. If the reader of this message is not the intended recipient or an agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination, distribution or copy of this communication is strictly prohibited. If you have received this communication in error, please immediately notify us by telephone or e-mail and delete the original e-mail at (213) 389-4362 or (888) 619-8222.
IRS Circular 230 Disclosure: In order to comply with requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
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